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Part IV UK Payment and Settlement, 12 UK Payment Systems »

Jonathan Rogers
From: Financial Markets and Exchanges Law (3rd Edition)
Edited By: Michael Blair, George Walker, Stuart Willey
This chapter looks at the main provisions of the Banking Act and the 2013 Act, as well as the actions taken by the regulators under these Acts in the present time and in future developments. It discusses payments systems as an essential part of any modern financial market economy that enables the fast and efficient processing of transactions. It also describes the increase in the turnover of payment systems and digitization of the UK economy that made financial institutions and regulators recognize the central importance of payment systems in supporting a technologically enabled global economy. This chapter talks about regulators that are focused both on real time supervision and the modernization and development of the UK's payment systems. It mentions CREST as one of the eight payment systems that are currently recognised by the Treasury.