Banking system shake-up underway

Tue, 27 May 2008

A major shake-up to the banking system has taken place with the launch of the Faster Payments Service .

The service will be gradually rolled out from today and should allow banking customers to benefit from quick and easy cash transfers, UK payments association Apacs claims.

Paul Smee, chief executive of the body, explained that while the change over is exceedingly complicated, a huge number of consumers should be able to make use of the system in the long-run.

He said: " Although the initial rollout will be gradual, and some customers may not be using the new service immediately, we expect that in the coming months this will ramp up to enable large numbers of customers to benefit from it."

Under the new system, people will be able to transfer money in hours and minutes. Previously transfers took up to four days to go through.

According to Apacs, 40.9 million are expected to have access to online banking by 2017.
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