OFT disappointed by delay of faster payments service

The OFT is disappointed by the announcement today from the Association for Payment Clearing Services (APACS), that the introduction of the faster payments service has been delayed until May 2008.

This is despite a commitment by the banking industry to have the new system in place by the end of November 2007 as agreed by the Payments Systems Task Force.

The OFT believes that faster funds transfers will help consumers manage their finances better, including making it easier to avoid unauthorised overdrafts and getting a better deal on interest rates.

APACS has explained to the OFT the reasons for the delay and the OFT agrees that the stability of the UK payments system is of paramount importance and should not be put at risk.

The OFT will continue to liaise with APACS in the coming months on this matter.