Faster P2P Payments Service Launched in UK
May 29, 2008 at 5:06 pm by Ehab BandarA new payment service has just launched to allow UK banks the ability to process ‘low value’ payments in hours compared to days.
So far, 13 banks are participating, including Barclays, HSBC, Halifax Bank of Scotland, Lloyds TSB and Royal Bank of Scotland Group.
The technology, dubbed the “Faster Payments Service,” enables electronic payments to be made by phone and online. Rather than simply a service, Faster Payments is a new infrastructure where banks can provide payments as seamlessly as they offer intra-bank transfers today for their customers.
As the roll out of the service begins, initially only non-scheduled payments will be supported, with future dated payments slated to begin June 6.
Below is some information on how the system works:
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