Monday 20th August 2007
The launch of a faster payment processing system for bank transfers is to be delayed until May 2008, it has emerged.
UK payments association Apacs suggests that the delay should allow financial institutions the time needed to fully implement the development.
In this way, an adequate infrastructure can be put in place ahead of the May launch date, the association states.
"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," Apacs explains.
Meanwhile, the industry body recognises the "massive investment" - in terms of time as well as money - already made to bring systems and processes up to date in preparation for the new system to be introduced.
In addition to implementing a new central infrastructure, Apacs reveals that banks own systems have been "upgraded to deliver faster payments for online, telephone and standing order transactions".
"The faster payments service will mark a significant and innovative change in how payments in the UK are made," the association adds.
However, consumers are now to face an eight-month wait in order to benefit from the changes, which will be introduced towards the end of May next year.
It was originally planned to be introduced in November 2007, but Apacs noted in July that a delay seemed likely due to unforeseen complexities in the testing process.
Chief executive Paul Smee said at the time: "Clearly it is more important to make sure it is done with our total confidence than rushed to meet a self-imposed delivery date."
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