computing.co.uk

Search

The new system will allow faster payments between banks

Faster payments arrive slowly

Bank clearance deadline pushed back 12 months to May 2008

Written by Tom Young

Computing, 15 Aug 2007

The technology programme to cut banks' three-day clearing period has run into difficulties and is running six months late.

The November 2007 deadline for the introduction of the faster payments scheme has been pushed back to May 2008, according to banking body Apacs.

'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,' said Apacs in a statement.

The multi-million pound central system is being developed by supplier VocaLink, backed by 13 clearing bank members.

The Office of Fair Trading (OFT) said that the delay is unavoidable.

'The stability of the UK payments system is of paramount importance and should not be put at risk,' said in an OFT statement.

reader comments

Retailers sign up to Barclays' contactless payments

Coffee Republic, Thresher and Eat to join launch next month 14 Aug 2007

Bank to count on e-invoicing

Automatic payments will improve efficiency and speed up cash flow 02 Aug 2007

The new fraud squad

Linda More reports on the fast-growing problem of cardholder-not-present fraud and examines the techniques companies have devised to keep one step ahead of fraudsters 26 Jul 2007

Internet

Faster Payments delays costing up to £82m

Office of Fair Trading praises reliability of banking service but criticises slow pace of rollout 27 Mar 2009

Waxman-Markey

US energy secretary urges greens to compromise on emission targets

As US climate bill clears latest hurdle, Steven Chu warns there will have to be a compromise on emission targets if further delays to legislation are to be avoided 22 May 2009

Management

Computing Awards for Excellence 2008 - the winners

The best individuals, teams, departments, companies and projects in UK IT have been rewarded at the Oscars of the IT industry 06 Nov 2008

related whitepapers

today's top stories

Ecommerce

What does Windows 7 mean for Microsoft?

With the sting of Vista still fresh, Redmond has to make next Windows work 10 Jul 2009

Management

A smarter way to use BI

Getting the most from business intelligence systems requires not only careful management on the part of IT leaders, but also the committed involvement of decision-makers across the organisation 08 Jul 2009

Management

Quenching a thirst for IT modernisation

A substantial restructure at soft drink supplier Nichols - purveyor of Vimto - led the company to update its software to Sage 1000 to replace its in-house application. This resulted in the streamlining of the IT department and an opportunity to customise the system 08 Jul 2009

Management

How Satyam cleaned up its act

Chief executive CP Gurnani tells Angelica Mari why Tech Mahindra opted to keep the Satyam brand after it bought the scandal-hit services firm, and explains what the deal means for existing and prospective customers 09 Jul 2009

Internet