New system needed for same day payments
August 13, 2007
The banking industry recently announced that it would be introducing a news system whereby payments that were made by telephone or Internet would go through on the same day or the next day rather than there being a delay of three or four days as is currently the case.
APACS, the payment and card clearing agency, had planned the launch of a faster system by the end of this year, where payments would go through far more quickly with phone and Internet transactions.
However, APACS has now announced that it will have to start from scratch on its new system, and will therefore be unable to meet its original deadline for the launch. According to officials from APACS the old system would have resulted in payments going through either later on the same day or on the next day in cases where the transaction was made later in the day. However, it has now been decided that a different system that would mean all payments going through on the same day would be better.
According to Sandra Quinn from APACS: ‘We are starting from scratch. We always said the deadline was tight and it has proved to be tighter than we expected.’ However, she did add that payments would still not be instantaneous with the new system, but would be same day. Part of the reason why the banking industry has decided on a faster payments system of this kind is because of the massive rise in Internet and telephone transactions made in the UK.
Sandra Quinn added: ‘Increasingly, people press a button and expect what is happening to be immediate. At the moment it isn’t. The new system is to make it more reflective of what people think they have already got.’
Alan Wright
13th August 2007
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