Bank Clearing

matt4504

Why can the banks not to weekend bank clearing? Is it all checked by person because surely a computer can do electronic clearing on the weekends? I get paid on a Friday and then I go to pay my bills/to other accounts it takes five days *sighs*

gt94sss2

The banks are currently upgrading their systems and from November 2007, telephone and online transfers should take place the same day, rather than the 3-5 days it typically takes now.

Regards
Sunil

watcherman

gt94sss2 wrote:

The banks are currently upgrading their systems and from November 2007, telephone and online transfers should take place the same day, rather than the 3-5 days it typically takes now.

Regards
Sunil

Interesting info Sunil, do you have any reference for it online so I can read up on what will be happening?

TIA

MPH80

There have been press releases about this for about a year and a half now.

http://www.apacs.org.uk/payments_industry/new_technology1.html

YorkshireBoy

watcherman wrote:

...any reference for it online so I can read up on what will be happening?

See http://www.oft.gov.uk/News/Press+releases/2005/94-05.htm (and the linked articles within).

realaledrinker

The main reason why nothing has been done before is one of significant costs for no benefit to the banks' bottom line.

Where I work, the banking systems have been developed over the last 30 years peacemeal & introducing same day clearing is a project costsing several million. That's not something they would have done unless forced to do so by the FSA.