In December 2005 the Office of Fair Trading (OFT) and the banking industry agreed to create a new payments capability for the UK by the end of 2007. For internet banking transfers and telephone transfers between banks the movement will be near real time, with standing orders being processed on a same day basis. Currently, it takes 3 working days from the initiation of the payment to the recipient getting the funds for these interbank transfers.

The 12 months from January 2006 are expected to be used to build the systems, both the central infrastructure and also the (significant) modifications to the banks' own systems.

A large part of 2007 will then be spent on industry level testing and customer communications leading up to launch for November 2007. This means that the bulk of the systems build work needs to be carried out in 2006.

RCS has formed relationships with partners to enable us to provide comprehensive support to banks as they meet the challenges and opportunities of Faster Payments.

We are well placed to assist UK Banks assess the impacts and opportunities around Faster Payments.

Meet our Faster Payments Team

Check us out at http://www.fastpayments.co.uk