Peter Miller of Dovetail Systems explores the challenges to the UK banking industry of developing a new same-day clearing system for Internet and telephone-initiated sterling funds transfers.
Apacs recently announced that a new Faster Payments clearing and settlement system will be introduced in the UK market to facilitate same-day real-time clearing of Internet and telephone banking transactions by UK bank account customers.
This sets the UK clearing banks a new set of operational and technical challenges. This will not be without risk and cost to the UK clearing banks. And it will all happen in less than two years, which is approaching light speed in terms of payment system change.» Download the document now 64.2 kb (Adobe Acrobat Document)