A new system for speeding up cash transfers via the phone and internet is launched on 27 May.
The Faster Payments Service will see cash transfers made over the phone or online completed on the same day rather than in the three days it takes for cheques to clear.
Already delayed from its initial launch planned for last November, the new system will not, however, be universal from its first day of operation.
APACS, the UK trade association for payments, has published the roll-out for the new scheme, and only 5 per cent of transactions will be processed using the accelerated system on the launch day.
Standing orders begin processing under the Faster Payments Service as from 6 June.
APACS estimated that even by the end of August only 50 per cent of transactions will be completed on the same day.
Businesses may have to wait longer still to take advantage of the speedier system. It is thought that the 13 banks that will be operating the Faster Payments Service will want to make sure the system is both secure and reliable before offering it to business customers.
Paul Smee, chief executive of Apacs, said: “The challenge of achieving this cannot be underestimated. As with any payment system there is no room for error as it will be an integral part of the UK’s economic infrastructure.
“A phased roll-out will best help us ensure customers get the safety, integrity and efficiency they have come to expect when making payments here in the UK.”
Date:29 April 2008
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