Payment Systems Task Force announces faster payments service
Description:
Issued by the Payment Systems Task Force, chaired by the Office of Fair Trading 94/05 24 May 2005
Agreement to reduce clearing times on electronic payments between banks following telephone or internet instructions from customers, as well as standing orders, has been reached, the Payment Systems Task Force, chaired by the Office of Fair Trading, announced today.
The new clearing service will provide at least same day or next day clearing depending on the time of day the payment is initiated.
The Task Force, which includes representatives of banks, building societies, consumer and business groups, H M Treasury and the Bank of England, has today published a report outlining the benefits to personal and business customers of faster clearing times for electronic payments.
