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Not so fast for UK payments scheme

Not so fast for UK payments scheme

(17 July 2007 - UK) The UK banking industry's Faster Payments scheme, which was due to be launched in November, is being pushed back until next year when participants have got their heads around the implications of the program. The Faster Payments scheme will usher in near real time transfer of internet, phone and standing order payments instructions, and was introduced in the wake of an investigation by the Office of Fair Trading into the lengthy clearing cycle for personal payments.

UK payments body Apacs said the testing of the Faster Payments service had proved to be more complex and time consuming than originally expected and a new launch date will be announced next month.

This follows the body reporting several months ago that banks were well on track to meet the launch date. However, the 13 clearing banks participating in the program did not consider implications such as fraud and risk management and wanted more time.

Apacs said it was more important to make sure the scheme was rolled out with total confidence rather than rushed to meet a self imposed delivery date.
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