Banks target same-day clearing for 2007

In his capacity as chief executive of the Association of Payment and Clearing Services, former director general of the Aifa Paul Smee has confirmed a new system will be implemented by the end of 2007 allowing UK internet and phone banking transactions to be cleared in the same day, as well as standing orders, rather than within the current standard of three days, once a new technology system is implemented. While the majority of UK payments (93%) are already processed within the same day – through bulk transactions such as direct debit and BACS payments – the number of people choosing to p...