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UK Finance responds to the launch of the Community Access to Cash Pilots initiative

  • Published date: 15.02.2020

Responding to the launch of the Community Access to Cash Pilots initiative, Stephen Jones, Chief Executive of UK Finance, said:

While many people are increasingly choosing to use digital payment methods, the banking and finance industry is committed to ensuring that access to cash remains free and widely accessible for anyone that continues to need it.

"There is no ‘one size fits all’ approach to achieve this and so understanding the needs of local communities is critical. That is why we are supporting the Community Access to Cash Pilots initiative as an additional industry measure to improve access, helping local areas develop and support solutions that work best for them.

“As chair, Natalie Ceeney will bring a wealth of experience to the initiative, helping to deliver this important scheme.

Notes to editor

The Community Access to Cash Pilots is a new independent initiative which aims to help communities retain free access to cash as the UK shifts to an increasingly cashless society.

2. The Chair of the Community Access to Cash Pilots, Natalie Ceeney CBE, is asking for communities to volunteer to take part in the pilots. Successful applicants will work alongside payments and customer experts to develop solutions that will help them to adapt to the changing payments landscape.

3. The deadline to submit applications is Friday 1 May 2020. For more information about how to apply, please visit www.communityaccesstocashpilots.org

4. UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.

UK Finance’s Payment Markets Report 2019 found that:

The average number of payments made each month by the average adult was:

  • 28 card payments, of which 11 were contactless
  • 17 cash payments
  • 6 Direct Debits
  • 1.3 payments via online banking or mobile banking
  • 0.8 standing orders
  • 0.3 cheques

6. UK Finance and its members are working with the Joint Authorities Cash Strategy Group (JACS) and wider stakeholders, to ensure customers have a choice in how they pay for goods and services. To support the use of cash, all the high-street banks have arranged for everyday banking services to be available through 11,500 Post Offices across the country. Banks are also investing in ATMs and mobile bank branches to reach more rural communities.

7. Last year LINK made an announcement on securing free cash access in key retail centres, supported by a strengthening of the Financial Inclusion programme for key communities. UK Finance members support and fund LINK, as well as contracting with the Post Office and will continue to monitor the effectiveness of cash provision through these channels closely and take action to improve delivery where necessary.

8. At the Post Office, personal banking customers have the option to: withdraw cash, deposit cash or check their bank balance. Business customers can: deposit cash or cheques into their business bank account, withdraw money from their business bank account. check their current balance or get change when they need it. A five-point action plan to raise awareness of the service was launched in 2018.

  • Published date: 15.02.2020