The Payments Council said the new service called Paym – pronounced Pay Em – will be the most wide-ranging payment service capable of moving funds directly from account to account, without the need for a sort code or account number.

At launch in April, customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank will be able to use the new service.

Clydesdale Bank, first direct, Isle of Man Bank, NatWest, RBS and Yorkshire Bank have also committed to joining the scheme.

Nationwide will join in early 2015.

Adrian Kamellard, chief executive of the Payments Council, said: “Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers.

“The service has the potential to link up every bank account in the country with a mobile number – millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”