UK Finance, a trade association for the UK banking and financial services sector, has launched a new initiative to help local communities identify and secure suitable access to cash and payment services.

The community access to cash initiative will allow communities to report gaps in cash and payment provision via their elected officials.

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It will also offer grant support and industry guidance to local communities to enhance access to cash and the implementation of alternative solutions where an ATM is not needed.

The initiative seeks to advance work on digital payment alternatives, driving enhanced local cash recycling, by supporting cashback initiatives and improving awareness of the current cash channels.

UK Finance said applications for grant support will be community-led and must focus on building towards long-term solutions.

Applications will be taken through the LINK website from 31 October to January 2020, with decisions on grants made by a UK Finance Award Committee in March 2020.

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UK Finance chief executive Stephen Jones said: “Understanding the needs of local communities is critical and the new Community Access to Cash Initiative will help identify the most appropriate access to cash and payment service solutions.

“Local cash recycling will play a pivotal role in the sustainability of the system, although we can’t achieve a resilient and sustainable cash landscape on our own. It is vital we are supported by other sectors such as telecoms, retailers and infrastructure providers to assure widespread provision.”

UK Finance, which representing over 250 firms across the industry, seeks to improve competitiveness, support customers and facilitate innovation.