Phased Rollout for New Faster Payments Service
With one month to go, APACS, the UK payments association, has confirmed plans for the launch of the new Faster Payments Service. The new payments infrastructure for this service remains on track to be launched on 27 May and from this date founding banks will be gradually implementing their own plans to deliver the new service to their customers. This phased approach will help ensure that the service is launched smoothly, securely and with total reliability for customers. Further updates on launch plans will be made prior to 27 May. The new service will benefit customers by speeding up one-off payments made over the Internet or by phone, reducing the current three-day clearing timescale to enable these payments to clear within hours, not days. For the very first time, it will also be possible to make these payments all day every day. The service will also enable same day clearing for regular standing order payments made on bank working days, reducing the current clearing timescale of three days. Paul Smee, APACS Chief Executive said, “The UK banking industry has pulled together to deliver this new payment infrastructure to a demanding timescale. The challenge of achieving this cannot be underestimated. As with any payment system there is no room for error as it will be an integral part of the UK’s economic infrastructure. A phased rollout will best help us ensure customers get the safety, integrity and efficiency they have come to expect when making payments here in the UK.”