Cash Services 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 interest group on all aspects other than those relating to Scottish notes and Northern Irish notes and coins.
What does Cash Services do?
As a membership organisation, we provide strategic direction and management of the collaborative elements of the cash cycle in the UK.
Through inter-bank co-operation, Cash Services aims to:
Ensure that cash can circulate freely and effectively, and risks in the cash cycle are managed to this end.
Through co-operation, Cash Services’ objectives are to:
- Maintain the integrity of the end-to-end cash cycle by ensuring an orderly market for the distribution of cash;
- Ensure an efficient industry model exists for the management of wholesale cash supply and demand, against a background of a changing market;
- Maintain and/or improve collaboration to ensure sufficient cash is available to meet customer expectation, and remains an integral part of the payments landscape.
The cash sector understands the reliance that people have on cash. Sound plans and a UK Pandemic Code of Conduct are in place to sustain an adequately convenient cash system, for people and businesses, even during a serious pandemic.
Cash Services Stakeholders
Association of Commercial Banknote Issuers
ACBI provides a forum to assist the Bank of England in the discharge of its responsibility for maintaining confidence in the integrity of all paper currency in the UK and supports the Bank in this area in relation to all banknotes issued by the note-issuing banks in Scotland and Northern Ireland.
Bank of England
The Notes Directorate 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 Cash Services group supports the circulation of banknotes and coins through its work on operations, contingency management and strategy.
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 Cash Services.
HM Treasury (HMT)
The Royal Mint is owned by HM Treasury. Both Cash Services and HM Treasury have a mutual interest in enhancing the resilience of the UK financial sector.
The Royal Mint is responsible for issuing coins in the UK. It works alongside the Cash Services group which arranges for the re-circulation of used coins, and the procurement and distribution of new coins.
The Payments Council is the body with responsibility for ensuring that payments services work for all those that use them in the UK. Payments Council works alongside the wider industry/members, consumers/stakeholders, regulators/government and members to work together to ensure inclusion, integrity and innovation within the different payment types.
- First full-year results published for new Current Account Switch Service (15 Oct 2014)
- More banks join Paym (14 Oct 2014)