Tell me morePayment Initiatives
Changes to UK payments
The UK Banking industry is improving domestic payment services through two new key initiatives: Faster Payments and certainty within Cheque Clearing.
In addition, the banking industry across the EU is working to create the Single Euro Payments Area (SEPA).
Faster Payments
The Faster Payments Service will enable low value electronic payments such as fund transfers, Standing Orders and bill payments to be made and cleared on the same day from end of May 2008.
Cheque clearing changes
Changes to the cheque clearing process were introduced at the end of November making it more understandable and introducing maximum time limits for cheque clearing.
Single Euro Payments Area
SEPA enables individuals and businesses to move money as freely cross-border as they do domestically.
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