The past three years have seen a major reorganisation of the administration of the London-based payment clearing systems. The most significant and far-reaching development has been a change from a system run by a smaff number of large 'clearing' banks to one owned and controffed by a wider membership and open to any appropriately regulated financial institution which meets explicit and objective criteria for entry. This article describes this new structure, and touches upon some other payment system developments in the United Kingdom.
Recent developments in UK payment clearing systems