According to E&Y Fast Payout study, estimated cost to industry of proposed requirements are as follows
Requirement Estimated Cost (GBP in Millions) % of total cost
Data Cleansing 196.5 22
Eligibility Account flagging 135.2 15
Single customer view 438.8 49
Check against FSCS Limit 21.6 3
Elect storage and retrieval 99.6 11
Total systems cost 891.8 100
Total cost includes maintenance over 42 months plus implementation time frame of 18 months
Financial institutions are ready to invest GBP 900 million on Fast Payout?