Sum banks have agreed to the implementation of the new system, with 90 per cent of Britain’s current accounts held by the relevant banks. These include 11 of the country’s biggest banks, such as Barclays, Citibank, Lloyds TSB, the National Australia Bank, HSBC and the Royal Bank of Scotland. Four other banks are involved in setting up the system, but are only allowing payments to be received and not sent – Alliance and Leicester, HBOS, Nationwide Building Society and Northern Rock.
