Tuesday, May 27, 2008
Because computers take longer to move larger numbers
A new service to speed up cash transfers between bank accounts has gone live, but many people will not see any immediate difference. The Faster Payment Service will enable electronic payments, made via the internet or phone, to be processed in hours, rather than the four days it has taken. By 7am on the first day, 898 payments totalling £461,383 were made successfully under the new scheme. However, critics have been disappointed at the slow adoption of the service by many of the UK's biggest banks.