Instant Clearing

planemad

I heard a while back that the big five UK banks were developing a new system that means monies being paid from account would arrive in the other account within hours.
I'm sure I heard that it would be happening early 2008 does anyone know if this is still on the horizon.

zx2011

It's called Faster Payments Service

APACS
http://www.apacs.org.uk/payments_industry/faster_payments_service.html

NatWest
http://www.natwest.com/microsites/personal/faster_payments_service/default.asp

RBS
http://www.rbs.co.uk/personal/ms/faster-payments.ashx

Moggles_2

The participating banks at launch will be:

Abbey, Alliance and Leicester, Bank of Scotland, Barclays, Citibank, Co-operative Bank, Halifax, HSBC, Lloyds TSB, National Australia Group, Nationwide Building Society, Nat West, Northern Bank, Northern Rock and Royal Bank of Scotland.

Transfers from scheme members to other providers are covered by the system, whereas transfers from non-members to participating banks are excluded at least initially.