Same Day Clearance on the Horizon
Today's Online Times reports that UK bank customers will start to benefit from same-day phone and internet transactions from the end of next month.
Consumers currently have to wait three days for payments made online or over the phone to clear, but from May 27, the faster payments service will enable transactions to go through within hours.
One of life's great mysteries to me has been why Internet banking transactions involving 'cleared funds' in the UK have taken three days to 'clear'. So hats doffed to APACS, the UK Payments Association. The cost of the new service is estimated at several hundred million pounds. The investment is welcomed.
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