The 13 financial services providers involved in the creation of a new virtual banking system have been officially announced, in news that may have broader implications for the future of online banking.
All of the traditional big four banks - HSBC, Barclays, Lloyds TSB and Royal Bank of Scotland group - have signed up to the online banking system.
Northern Rock, Nationwide Building Society, National Australia Group, HBOS, Danske Bank, Co-operative Bank, Citibank, Alliance & Leicester and Abbey complete the list of financial services providers involved.
The new centralised system, which is set to launch in November 2007, aims to speed up the process of making payments and arranging standing orders over the internet.
"This service will be great for any customer wanting to move money quickly - perhaps to pay a bill or move money between accounts," commented Paul Smee, chief executive of UK payments association Apacs.
"Like the internet, it will be available all day."
Typically, customers who wish to use online banking facilities must register with the financial services provider beforehand and suggest a password to ensure the security of their banking arrangement.
New online banking system founders announced
Financial Services > e-banking > Banking news
New online banking system founders announced
Tue, 13 Feb 2007
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