The multi-million pound system - which will 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 system will process Internet and phone payments of up to £10,000 and standing orders of up to £100,000. Standing orders are not scheduled to start being processed through the faster payments service until 6 June.

But whilst the service will go live 27 May - almost six months later than originally scheduled - founding banks will implement the system in accordance with their own timetables.

Furthermore, volumes on launch day will be "carefully managed", says Apacs, which means on day one it is expected that only five per cent of members' Internet and phone payments will be processed as faster payments.

In addition, some banks will place lower initial limits for Internet and phone payments or phase the roll out across their customer accounts.

Apacs says over the summer the overall volumes are expected to increase to over 50% of peak-day processing volumes.

Commenting on the scheme, Paul Smee, chief executive Apacs, says: "As with any payment system there is no room for error as it will be an integral part of the UK's economic infrastructure. A phased rollout will best help us ensure customers get the safety, integrity and efficiency they have come to expect when making payments here in the UK."

Despite its imminent launch, a recent YouGov poll for ACI Worldwide found 70% of Brits have not heard of the faster payments scheme.