The faster payments service will mark a significant and innovative change in how payments in the UK are made. Preparation for the launch has so far 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 center and by banks, to ensure that customers can benefit from safe and secure faster payments.
The Office of Fair Trading (OFT) has expressed its disappointment at the delay, as the new system had previously been scheduled to launch in November 2007. The OFT believes that faster funds transfers will help consumers manage their finances better, including making it easier to avoid unauthorized overdrafts and getting a better deal on interest rates.
