UK Faster
Payments clearing and settlement system will significantly
increase the speed of credit transfer from one account
to another, enabling Internet and telephone banking users
to benefit from near real-time payment processing. The
Faster Payments service will require significant changes
to both banks’ and corporates’ current payment
systems to enable them to handle users’ near real-time
payment requirements.
The introduction of new electronic payment services, which
offer straight through processing, has been of great value
to customers and to banks. "UK Faster Payments will
impact on revenues, payment and core banking systems,
risk, fraud and anti-money-laundering engines and processes,
as well as liquidity management. It will also require
clear commercial strategies to reap future opportunities
for new services." |
