You are here: Home - Saving & Banking - News -

Faster Payments Service passes £200m mark

0
Written by:
02/06/2008

More than £200m have been processed through a new faster payments service launched last week.

The free service, launched last week by APACS, the UK trade association for payments and related organisations, enables banks to process one-off payments made over the internet or by phone within a couple of hours.

It also applies to payments made outside of banking hours and standing order payments, which will now clear on the day they are sent if on a bank working day. Any payments not processed via the new system will continue to be made using the Bacs three-day service.

Between Tuesday 27 May (the day the service was launched) and Friday 30 May, 318,405 payments were processed via the new system to a value of £200,127,682.03 in total.

David McFarlane, CHAPS company manager, said: “Although we have deliberately staggered the volumes that could be pushed through the new Faster Payments Service, we are really delighted that so many customers have made use of this new payments system in its first few days of rollout. We hope that this has set us on course for more of the same and that by the end of the year we’ll see the vast majority of internet, phone and standing orders moving faster.

“Of course, until the service has been fully rolled out, any payments not using this new system will continue to be made over the existing three-day system. In the meantime if the timing and speed of any payment is important, it’s always best to double check what system your bank will use as well as following the instructions on the back of bills from any bill provider.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Energy industry voted worst for inaccuracy

Energy suppliers have been named and shamed by consumers for inaccurate billing, according to uSwitch.

Close