The banks' adoption of theFaster Payments
systemis not common knowledge among the
public, 70% of whom have not heard of it.
ACI, an electronic payment systems firm, commissioned
independent research among 3,000 members of the public ahead of
May's
Faster Payments launch.
It revealed that 70% of UK consumers have never heard of the
banks' move to reduce the transaction clearing time for a number of
payment types.
Since the industry's decision to scrap the three-day clearing
time for internet and telephone transactions and standing orders
below £10,000 - pressured by the Office of Fair Trading - banks
have invested significant resources in ensuring their systems are
ready to offer the Faster Payments service.
Banking payments body Apacs has indicated the initiative is
costing the banking industry an estimated £300m to develop.
Jim Woodworth, head of business solutions at ACI Worldwide,
said, "Instead of the inconvenience of the current three-day
clearing time for the majority of payments, consumers will enjoy a
new and more efficient way to pay bills and transfer money.
"Faster Payments gives banks a valuable opportunity to
strengthen their customer relationships, maximise customer
retention and improve their position in a competitive market - it
is time they started telling people about it."