FCA secures bank payment retry system to save consumers £200m

The regulator announced today that seven of the UK's biggest high street banks have committed to use a same day retry system when processing direct debits, standing orders and future dated bill payments. Barclays, The Co-operative, HSBC, Nationwide, RBS Group, Santander and National Australia Group will in future process payments twice a day - in the morning and afternoon - before finalising transactions. Lloyds will widen its same day retry policy to cover all transactions. The move is expected to save consumers £200m a year in late payments caused by missing funds in bank accounts a...