The Faster Payments System for 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.