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23-05-2008
Faster payments initiative to go live - 23/05/2008
From Tuesday payments can be sent and received on the same day, any day of the year, with the new faster payments system.
Developed by UK payments body APACS, the system will enable one-off payments made over the telephone and internet under £10,000 to clear within two hours, unlike payments made using Bacs, which take three working days.
From 6 June, standing orders too can be processed through the system for payments under £100,000 and will clear on the same day, although only on bank working days.
Currently, only automated payments service CHAPS enables same day payments but at a cost.
"Faster payments will not replace Bacs or CHAPS but exist alongside them," said Sandra Quinn, director of communications at APACS. "However, we do expect a lot of Bacs and especially Chaps payments under £10,000 to migrate over to the new service."
She added that the two hour time span for the payment to be processed has been given to ensure banks have enough time to run checks on any suspicious transactions.
The scheme will initially be rolled out in 11 of the 13 founding member banks and building societies, including Barclays, HSBC, and Lloyds TSB, and will be steadily phased in by each institution with lower limits on the value of payments and across different customer accounts.
"Although the initial rollout will be gradual, we expect in the coming months this will ramp up to enable large number of customers to benefit from it," said APACS chief executive Paul Smee.
APACS also aims to get more banks and building societies on board, either by directly investing in the technology or subscribing to a service being provided by one of the founding institutions.
The remaining founding members are Citibank, the two subsidiaries of National Australia Bank, Northern Bank, Royal Bank of Scotland/NatWest, Alliance & Leicester, HBOS, Northern Rock, The Cooperative Bank and Abbey National.
The Cooperative Bank is expected to roll out the system to its customers in July while Abbey has not yet confirmed when it will introduce faster payments.
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