Public unaware of banks’ Faster Payments initiative

The banks' adoption of the Faster Payments system is not common knowledge among the public, 70% of whom have not heard of it.

The banks' adoption of the Faster Payments system is 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."




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