TheFaster Payments Systemfor the UK
banking industry will arrive in May next year, some six months
later than expected.
The system, which will enable customers to make payments quickly
over the internet or telephone, was announced on May 2005 and
planned to go live this November.
Last month
UK payments association Apacs said the system would not be seen
this year after system tests proved more complex than first
thought.
The system was devised by 13 banks and is being delivered by
VocaLink.
"The work so far has involved massive investment in terms of
both time and money to create a new central infrastructure as well
as banks' own systems being upgraded to deliver faster payments for
online, telephone and standing order transactions. The revised
timescale will allow sufficient time for the further rigorous
testing required at both the centre and by banks to ensure
customers can benefit from safe and secure faster payments," said
Apacs.