The banking industry today announced that the new faster payments service will be introduced at the end of May 2008.

The faster payments service will mark a significant and innovative change in how payments in the UK are made. The work so far has involved massive investment in terms of both time and money to create a new central infrastructure as well as banks’ own systems being upgraded to deliver faster payments for online, telephone and standing order transactions. The revised timescale will allow sufficient time for the further rigorous testing required at both the centre and by banks to ensure customers can benefit from safe and secure faster payments.

ENDS

For further information contact the APACS Press Office:

T: 020 7711 6234 / 020 7711 6340 E: press@apacs.org.uk

• The thirteen founding members of the Faster Payments Service are Abbey, Alliance & Leicester, Barclays, Citibank, Co-operative Bank, HBOS, HSBC, Lloyds TSB, National Australia Group, Nationwide Building Society, Northern Bank, Northern Rock, Royal Bank of Scotland Group. They account for over 95% of all payments made in the UK.

• VocaLink is the supplier working to develop and provide the new payment system. VocaLink has set up a joint venture company, IPL (Immediate Payments Ltd) to provide the infrastructure for the faster payments service.

• The Faster Payments Service was initially scheduled for introduction in November 2007.