Banks agree to speed up payments
The U.K. Office of Fair Trading will announce early next week that banks have agreed to speed up payments made by consumers over the internet or by telephone and standing orders.
At present there is a gap of three days between a customer’s account being debited and the recipient being credited - despite modern technology that would allow the money to be transferred instantly.
UK banks make more than 60 million dollars a year in interest from the delays in electronic payments.
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