OFT makes its move on clearing system

The warning has been heeded, as banks and building societies have agreed to do just that, as well as look at the issue of clearing times for standing orders, the OFT says. The goal is to put all clearing times for such transactions on a same-day or next-day footing, depending on what time of day a payment is initiated. APACS, the Association for Payment and Clearing Services will report back to the OFT-chaired Payment Systems Task Force within the next half year, with an eye to implementing any necessary changes within two years after that. Specific issues to be addressed include w...