The processing of electronic payments in the UK is set to change significantly. A new payment system is currently being developed by the UK banking industry. The Faster Payments Service will enable electronic payments, to be processed in hours rather than days. This is a huge improvement on the current system, where the vast majority of electronic payments can take three working days to be processed.
Northern Bank, together with 12 other UK banks, are committed to the new service. The new Faster Payments infrastructure will be launched at the end of May 2008 and we will then begin to roll out the service to our customers. It will allow our customers to make near real-time payments in any Northern Bank branch. It will also be used to make quicker standing order payments on bank working days. The new Faster Payments service will run alongside existing payment schemes in the UK such as BACS and CHAPS.
Further information will be made available to our customers in due course, alternatively click here to visit the APACs website : http://www.apacs.org.uk/payments_industry/faster_payments_service.html