Government policies
Universal banking services
| Starting dates | 2001: announced
2003: start of rollout |
|---|---|
| Key department | DTI |
| Key delivery agency | The Post Office and individual post offices |
| Budget/target/comment | A joint initiative between the government and the Post Office to provide access to basic accounts at post offices. Aims: to modernise welfare payments (i.e. benefits, pensions and tax credits) by making payments directly into bank accounts, reducing administrative costs and fraud; to increase financial inclusion; and to provide a means of generating replacement business for the Post Office network, helping to ensure it remains viable. |
Between 2003 and 2005, benefit payments were migrated from paper giros to Automated Credit Transfer (ACT). Around two-fifths of individuals who have converted their benefit payments to direct payment have their benefits paid into Post Office Card Accounts. 4.7 million of which have been opened.