Transactional banking changes Why move from the Bank of England

1
Transactional banking changes Why move from the
Bank of England?

• July 2004 - Announced eventual withdrawal from
  retail banking services for customers
• Impacts on HM Customs Revenue, Department for
  Works Pensions, Insolvency Service and other
  public bodies

2
Transactional banking changes About OPG

• Created by Act of Parliament in 1835
• Safeguards public funds
• High level accounts at Bank of England
• Parliamentary Control
• Cash Management
• Reduce Government Borrowing
• Part of the Exchequer Management Team of the
  Treasury
• Value for money and Innovation

3
Transactional banking changes Benefits accruing
from OPG

• Enhanced security for Payable Orders
• We send payment data to OPG on day of creation
  and this is matched by OPG before clearing
• Payable Order has more security enhancements than
  a standard cheque to further deter defraudment.
• We hope that these features should make the
  classic postal interception a thing of the
  past!

4
Transactional banking changesOPG Payable Order
Background printing of payee value on
stationary printed with security inks that smudge
on attempted alteration.
5
Transactional banking changes
FUNDS FLOW AND BANKING PROCEDURE

6
Insolvency Practitioners NatWest Branch Coverage

• Over 1650 Practitioners
• Extensive Coverage
• Only 6 practitioners (or 0.4 of community) are
  over 10 miles away from their nearest branch
• Still possible to mail remittances to us if
  unable to bank locally