Quicker bank transfers by spring 2008
The Association of Payment Clearing Services (Apacs), the organisation that represents businesses involved in payment services, has announced that a new system allowing the same day transfer of money between bank accounts will be launched in May 2008.
The system should have been introduced in November of this year but was delayed. Apacs commented that the delay will allow for testing of the new technology and guarantee that customers benefit from safe, secure, speedier payments. Apacs added that this is a system which is going to be extremely important, it needs to be right and it needs to be 100% reliable – there is no room for error.
Transfers between banks currently take 3 days but when the new system is launched, transfers will be completed in 1 day. This also applies to online and telephone banking transactions.
The Office of Fair Trading has expressed disappointment at the delay but did say the stability of the UK payments systems is of paramount importance and should not be put at risk. Work started on the project in November 2005 and the banking industry pledged to have the new system ready by the end of 2007.