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UK banking industry update on faster payments

17 July 2007
The UK banking industry has announced that its faster payments service launch is to be delayed until 2008, but the changes to cheque clearing are still on track for November.

The reason for the delay is because “the testing of the Faster Payments service has proved more complex and time-consuming than originally expected, so its introduction will not now be happening this year.”

Paul Smee, APACS Chief Executive said, "The UK banking industry is disappointed that we won't be able to deliver the new faster payments system as quickly as we had planned, but there is no room for error when launching a system which forms part of the UK’s economic infrastructure.

“Clearly, it is more important to make sure it is done with our total confidence than rushed to meet a self-imposed delivery date. This is a huge project; the investment by UK banks in the central system and in adapting their own systems has been high and is continuing; the new service to be delivered in 2008 is ambitious, innovative and exciting for users."

Today’s announcement will not impact the UK banking industry’s ability to deliver changes to the cheque clearing process. This project remains on track to deliver at the end of November this year and will, promises APACS, “provide increased transparency and certainty”.

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