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Broadband

UK to speed up internet, phone payments

Friday 30 December 2011 | 10:45 CET | News
The Payments Council UK announced that quicker internet and phone banking payments are set to become standard from 1 January 2012 owing to a new legal requirement for UK and eurozone electronic payments to reach the recipient's account by the business day after being sent at the latest. The new maximum timescale for electronic payments, technically known as D+1, requires payments across the EU to reach the recipient's account by the next working day. However, all standing orders and one-off internet and phone banking payments in the UK will exceed this requirement, being processed end-to-end

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Categories: Internet / Mobile & Wireless
Countries: United Kingdom
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