APACS, the UK payments association, has confirmed that the banking industry is on track to deliver the infrastructure that will enable a new faster payments service to be launched starting on 27th May this year. The development of this new system is a massive and complex project involving significant investment both within banks and the central infrastructure.
The new service will benefit customers by speeding up one-off payments made over the internet or by phone, enabling them to be made all day every day: they currently take three days. It will also enable regular standing order payments to move more quickly on bank working days: reducing the timescale from three days to provide a same day service. The new system will run alongside existing UK electronic payment schemes such as Bacs and CHAPS.
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