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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

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In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Pricing

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Domestic Payment Systems in the UK

Domestic Payment Systems in the UK

Ritu Sehgal

20 years: Corporate banking

The first video on this series is an overview of Domestic Payments. In this video, Ritu provides us an understanding of the most common domestic payment  systems i.e, BACS, CHAPS & a system called ‘Faster Payments'.

The first video on this series is an overview of Domestic Payments. In this video, Ritu provides us an understanding of the most common domestic payment  systems i.e, BACS, CHAPS & a system called ‘Faster Payments'.

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Domestic Payment Systems in the UK

4 mins 39 secs

Key learning objectives:

  • Outline the common domestic payment systems in the UK

Overview:

Ever wondered what happens when money is sent electronically by one person in the UK to another person in the UK? This video provides an overview of UK Domestic payment schemes.

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Summary

What are the common domestic payment  systems in the UK?

  • BACS - It is over fifty years old, it is the oldest and the slowest of the three payment systems. BACS payments take three working days to process, payments are free for individuals to initiate and receive, and payments can be cancelled until midday on the second business day.
  • CHAPS - CHAPS transactions are irrevocable and each CHAPs payment is settled in real time with guaranteed processing within the same day, if received before 5.40pm on a weekday. It is  currently overseen by the Bank of England.
  • Faster Payments - It is just over ten years old and provides individuals with free instant transfers 24/7. This method is not available with all banks, and there is a transaction limit of £250,000.

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Ritu Sehgal

Ritu Sehgal

With a career spanning over 20 years, Ritu has worked in several different areas of banking with some of the largest Global Banks in both Asia and the UK. In her most recent role Ritu managed the Payments sales business for Lloyds Banking Group Corporate and Institutional clients.

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