UK : new faster consumer payments
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APACS, the UK payments association, says the UK banking industry is on track to introduce a new faster consumer payments system by November 2007. Currently, consumers making Internet or telephone transfers to other banks have to wait three days for the payment to reach the recipient. The new system will allow consumers choosing to make a faster online or phone payment to carry out same-day transfers. APACS says 13 banks have become founder members of the new system.
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