The UK's top banks have come together to develop shared banking hubs across the country.
In brief:
An independent non-profit company, Cash Access UK, will provide cash access, deposit and basic banking services where they are needed, across the UK
The group is composed of nine UK banks - Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB
This comes a week after the Bank of England outlined new measures to underpin retail access to cash for businesses and individuals
What does this mean?
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”.
