APACS: Revised timescale for faster payments service

The banking industry today announced that the new faster payments service will be introduced at the end of May 2008.

The faster payments service will mark a significant and innovative change in how payments in the UK are made. The work so far has involved massive investment in terms of both time and money to create a new central infrastructure as well as banks' own systems being upgraded to deliver faster payments for online, telephone and standing order transactions. The revised timescale will allow sufficient time for the further rigorous testing required at both the centre and by banks to ensure customers can benefit from safe and secure faster payments.