Tim Jones is a major figure in UK retail banking.  He has been the innovative and high-tech head of retail banking at NatWest.  Before that he ran Mondex International, having been primarily responsible for developing what was at that time the world's most sophisticated card-based payments system.

At the time of publishing he was promoting his own alternative to the inefficient, and expensive nationally-based Automated Clearing Houses (like BACS in the UK) that handle payments within the banking system.  Here he argues forcibly that there is absolutely no reason (bar inertia, indolence and fear of innovation) why ACHs should be based on natural monopolies that talk to each other reluctantly, inefficiently and at great expense.  Nor is there any reason why competition should not be introduced to the system.