The Faster Payments System has been introduced in Britain in a move that will lessen the time it takes to complete an inter-bank transfer . Whereas customers had previously had to wait three or four days to complete a bank transfer, the new system means transfers can take place within two hours at any time of the day, and are even possible at weekends and on bank holidays.
Thirteen banks have agreed to the implementation of the new system, with 90 per cent of Britain’s current accounts held by the relevant banks. These include 11 of the country’s biggest banks, such as Barclays, Citibank, Lloyds TSB, the National Australia Bank, HSBC and the Royal Bank of Scotland. Four other banks are involved in setting up the system, but are only allowing payments to be received and not sent – Alliance and Leicester, HBOS, Nationwide Building Society and Northern Rock .
These banks are expected to license the technology to the remaining banks and building societies during the coming months. The rise of internet banking acted as a catalyst for the changes, though the system will only be available for transfers and payments of up to £10,000.
Banks Introduce Faster Payments System
Financial Services > e-banking > Banking news
Banks Introduce Faster Payments System
Wed, 04 Jun 2008
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