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Faster Payments implementation pressures grow

The initial target of the UK Faster Payments scheme seemed a simple concept to deliver - eliminating float (the three days gap between funds leaving the payee's account and arriving in the recipents) - but as with most financial sector initiatives the implementation detail has been significantly more complex.

Back in February this year when I founded this community for discussion on Faster Payments (FP) I reported on the optimistic APACS outlook that FP would be ready on time, although there was also a strong hint that the agency banks and building societies would probably not be ready to participate at an early stage. I also commented at the time that even the early adopters and member banks had yet to fully understand the significance of the changes the scheme demanded. Four months or so later, the impact of these issues is now being felt in these same banks as the recent fastpayments.co.uk bulletin (available here) outlines in more detail.

So in, not quite, the words of that famous phrase - one significant step for UK payments is proving to be one major leap for the member banks - but as a supporter of the potential benefits of the scheme I believe it is a leap worth achieving.

 

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Comments: (2)

John Cant
Blog group founder
John Cant - MPI Europe Ltd - London 01 July, 2007, 13:25Be the first to give this comment the thumbs up 0 likes Several people have asked how they can get more information on Faster Payments. In addition to the www.fastpayments.co.uk site, we are also running a training seminar on 17th July in central London - more details here.
John Cant
Blog group founder
John Cant - MPI Europe Ltd - London 13 July, 2007, 09:02Be the first to give this comment the thumbs up 0 likes The implementation pressures and need to understand the wider impacts of this scheme have taken their toll indicated by the announcement of a delay of the Faster Payments implementation till next year.
John Cant
Blog group founder

John Cant

Managing Director

MPI Europe Ltd

Member since

06 Jul 2004

Location

London

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This post is from a series of posts in the group:

UK Faster Payments

A place to discuss and share information on the introduction of the UK Faster Payments scheme


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