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UK’s Faster Payments will start one day

After being pushed back six months to May 2008, due to the challenge of the developments required for Vocalink, APACS claim today that the Faster Payments Service has been a great success.

The good news is that RBS, Natwest and Barclays report that nearly 100% of their bill payments are made on the same-day.

The bad news is that customers say they have no idea when funds will clear, that the service is unreliable, and major banks including Northern Rock, Citibank and Abbey have yet to implement the service. 

Abbey originally had their name on the banks in at the start when Faster Payments became law in May, but have now been taken off the lists by APACS.

This is a year after the program was meant to be law in
the UK and was featured on Paul Lewis's BBC Money Box programme today.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Stuart bernau

    Amongst all this discussion on Faster Payments,there does not seem much focus on the Fraud risks invovled.There has already been an enormous focus on trying to stay ahead of Fraudsters and in the current economic climate why should Financial Institutions take unnecessary risks.