The UK banking industry will not see the benefits of
theFaster Paymentssystem this year as
tests proved more complex and time-consuming than first thought,
according to Apacs.
The system was announced in May 2005 and planned to go live in
November, but this deadline will be missed and banks will not see
the benefits of the centralised technology system until next
year.
The system, which is being developed by
VocaLink, is a central infrastructure planned to deliver
real-time payments to the UK. It was designed to allow customers to
use the internet or phone to make a payment that will reach the
recipient's bank account within a few hours.
Paul Smee, Apacs Chief Executive, said the UK banking industry
is disappointed that the system will not be ready, but he also said
that there is no room for error when launching a system which forms
part of the UK's economic infrastructure.
"Clearly, it is more important to make sure it is done with our
total confidence than rushed to meet a self-imposed delivery date.
This is a huge project the investment by UK banks in the central
system and in adapting their own systems has been high and is
continuing the new service to be delivered in 2008 is ambitious,
innovative and exciting for users."