UK banks form company to develop shared banking hubs

Posted: 21st December 2022

The UK’s top banks have clubbed together to pay for the development of shared banking hubs across the country.

The nine banks – Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB – have incorporated an independent non-profit company, Cash Access UK, to provide cash access, deposit and basic banking services where they are needed, across the UK.

David Postings, chief executive of UK Finance, says: “While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too. The creation of Cash Access UK Ltd is an important step towards a network of banking hubs across the country.

“So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.”

The new comes a week after the Bank of England outlined new measures to underpin retail access to cash for businesses and individuals under new powers granted in the Financial Services and Market Bill.

Categories: ATMs Banking
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