Cash
The Payments Council’s cash services group (CSG) acts as a focal point for the provision of strategic direction on co-operative (non-commercial) issues for cash as a component of the UK Money Transmission and Payments Industry. It also acts as the cash industry lobby group on all aspects other than those relating to Scottish notes and Northern Irish notes and coins.
Who can participate in the cash services group?
Organisations which are involved, directly or indirectly, in wholesale note or coin operations can join the cash services group. This includes financial institutions and other organisations involved in the exchange of whole cages of notes with the Bank of England or whole cages of coins with the Royal Mint.
Institutions must be subject to appropriate supervision by the Financial Services Authority (FSA), an EC/EEA member state or G10 country supervisor, or be admitted to the note circulation scheme by the Bank of England.
What does the cash services group do?
Through inter-bank co-operation the cash services group aims to:
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Maintain public confidence in the integrity of cash distribution process, and prevent the occurrence of a disorderly market.
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Ensure that industry-wide contingency plans exist to support members facing operational problems.
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Manage the industry cash holdings/re-distribution in a cost effective and efficient manner having due regard to the needs of the personal and business sectors including other financial services institutions.Other cash related organisations
The Strategic Cash Group is looking at a wide range of issues regarding banknotes and coins, and the routes through which they circulate. It has prepared the first of two reports to explore where the Payments Council can play a strategic role in note and coin developments in the UK. The report discusses the future prospects for cash in the UK and can be found here:
The cash sector understands the reliance that people have on cash. Sound plans and a Code of Conduct are in place to sustain an adequately convenient cash system, for people and businesses, even during a serious pandemic. A serious pandemic could be difficult for everybody; the cash sector should be an asset, not a liability, at such a time.
The Bank of England
The notes division of the Bank of England issues banknotes for use in England and Wales, as well as having certain responsibilities regarding the circulation of banknotes in Scotland and Northern Ireland. The Payments Council's cash services group supports the circulation of banknotes and coins through its work on operations, contingency management and strategy.
The Royal Mint
The Royal Mint is responsible for issuing coins in the UK. It works alongside the Payments Council's cash services group which arranges for the circulation of used coins, and the procurement and distribution of new coins.
HM Treasury
The Royal Mint is owned by HM Treasury. Both the Payments Council and HM Treasury have a mutual interest in enhancing the resilience of the UK financial sector.
British Security Industry Association (BSIA)
The BSIA represents the interests of the UK's Cash in Transit companies. There are several areas of mutual interest for discussion with the Payments Council cash services group.