Faster Payments System date announced

The Faster Payments System for the UK banking industry will arrive in May next year, some six months later than expected.

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.




Read more on IT strategy

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

SearchCIO

SearchSecurity

SearchNetworking

SearchDataCenter

  • How do I size a UPS unit?

    Your data center UPS sizing needs are dependent on a variety of factors. Develop configurations and determine the estimated UPS ...

  • How to enhance FTP server security

    If you still use FTP servers in your organization, use IP address whitelists, login restrictions and data encryption -- and just ...

  • 3 ways to approach cloud bursting

    With different cloud bursting techniques and tools from Amazon, Zerto, VMware and Oracle, admins can bolster cloud connections ...

SearchDataManagement

Close