Apacs introduces new payment system
February 15, 2007 by admin
Filed under News, News-Banking
Making payments over the phone and online will soon become a quicker process, thanks to the implementation of a new payment system.
The UK payments association Apacs has revealed that the new system is on track and it believes that those doing their banking online and over the telephone will enjoy using the new system.
Apacs says that the UK will now be brought up to speed alongside the frontrunners around the world when it comes to making payments.
Bankers can expect to see payments made almost in real-time, removing the hassle, and sometimes confusion, of waiting for money to enter or exit your account.
“This service will be great for any customer wanting to move money quickly – perhaps to pay a bill or move money between accounts,” said Paul Smee, chief executive of Apacs.
“Like the internet, it will be available all day, and will move a payment within a few hours and on any day of the week.”
As well as online and telephone banking, the new system will speed up the movement of standing orders.
Apacs claims that standing orders will be processed within the same day, a vast improvement on the three days it currently takes.
So far, a host of major banks are onboard with the scheme, with HSBC, Lloyds TSB and Barclays among the 13 to get involved from the very beginning.
