UK Money News
27th May 2008
Bank transfer system up and running
Britons will be able to make money transfers quicker than ever before, with the introduction of a new system today.
Launched by payments association Apacs, the service promises to cut the time it takes to make one-off payments on the phone or over the internet to a matter of hours.
Currently, the clearing timescale is three working days.
The system also means it will be possible to make payments at all times of the day seven days per week.
Pula Houghton, campaigns policy manager at Which?, said: "One of the mysteries of the banking world, the payment transfer black hole, is at last disappearing.
"Same day transfers should have been standard practice years ago, yet the banks have been earning £30 million a year from the status quo. We just hope they will be quicker to make this a reality for everyone now."
The UK banks employing the system from today are Barclays, Citigroup, Clydesdale and Yorkshire Banks, HSBC, Lloyds TSB, Northern Bank and Royal Bank of Scotland.
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