Certain banks plan to charge customers for
usingFaster Paymentservices, according to
a survey of six of the banks involved.
The findings were revealed in research from security supplier
Thales and come on
the back of a recent announcement from
Apacs that the introduction of
Faster Payments will be delayed.
Paul Meadowcroft, Head of Transaction Security from the
e-Security activities at the company, said, "The member banks are
currently focusing on the implementation phase of their Faster
Payments schemes. However, the majority have already made a
decision as to whether customers will be charged for escaping the
three-day float time that currently exists with person-to-person
internet and telephone transactions."
He added that of the banks surveyed, half will not charge for
the faster service, but 34% confirmed that there would be some sort
of charge for the customer.
The survey also revealed that 84% of the
banks interviewed plan to use two factor authentication to
secure these transactions.
"The respite offered by Apacs is however welcomed by the banking
community as it allows for more time to consider how best to
implement the fraud risk modelling solutions that are not yet in
place. It is clear however that banks see two-factor authentication
as part of the solution to improving security within the Faster
Payments environment.