Faster Payments on track for May launch

27 February 2008 | 5840 views | 0 London - Big Ben

The UK's banking industry is reported to be "on track" to deliver the infrastructure for the new faster payments scheme, which is set to be launched at the end of May 2008, almost six months later than originally scheduled.

The multi-million pound system - which is designed to introduce near real-time transfer of phone, Internet and standing order payments instructions - is being developed by VocaLink and backed by 13 clearing bank members.

The programme was forced on the banking industry by the Office of Fair Trading following an investigation into the lengthy clearing cycle for personal payments.

The system was expected to be launched in November 2007 but the banks involved were forced to delay the launch date by six months after VocaLink missed its deadlines for delivering a functional, integrated system ready for user acceptance testing.

In a statement released today, Apacs says the banking industry is now on track for a launch date of 27 May.

The new system will run alongside existing UK electronic payment schemes such as Bacs and Chaps.

Apacs says as the switch over to Faster Payments approaches, updates and information will be provided and clear information made available to customers about the impact this will have on them.