The UK Payments Council, an organisation of financial institutions that sets strategy for UK payment mechanisms, is building a central database that will allow customers to link their mobile phone number to their account details, irrespective of their financial services provider.

This database is set to be made available to UK banks and building societies before the end of 2012 as a platform for them to build their own service for their customers. The UK Payments Council has appointed international payments company VocaLink has been appointed to build the central database.

Customers will register for the service through their own bank, with no need to share their details with a third party. The database will enable registered customers to make or receive payments from their existing account, using a mobile phone number.

The service is set to be subject to common minimum standards that will require a passcode or a similar security feature to authorise a payment and enable banks to remotely disable an account, in case a phone is lost or stolen. Any payments made will be routed through either Faster Payments or LINK.