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Finance professionals positive about launch of UK Faster Payments Service

Professionals within the financial services sector regard the introduction of the UK's new Faster Payments Service as a positive move, according to new research findings from Bankersalmanac. Nearly two thirds of respondents felt that Faster Payments will be an improvement to the existing BACS and CHAPS schemes in the UK, with over a third anticipating it will be a significant development to the UK payments landscape.

In a global survey conducted amongst professionals working within the financial services industry, Bankersalmanac explored the expected implications of the launch of the Faster Payments Service. The research revealed that two thirds of respondents felt that the introduction of the scheme would lead to an increased demand for genuine 24/7 customer service across the board from UK account holders. However, concerns about possible negative outcomes from the launch were minimal with only 11 per cent of respondents highlighting a greater potential for fraud with a further 11 per cent believing the scheme's introduction would lead to more transaction errors.

Ben Cleaveley, Senior Product Development Manager at Bankersalmanac said: "Our research showed that the financial services sector believe there is a clear need for the Faster Payments Service and see it as a positive step forward within the UK payments landscape. We will of course be incorporating the Faster Payments data into our portfolio of UK clearing information products as soon as the industry is ready to announce which branches will be able to make and receive this kind of payment. This includes sortingcodes, our online solution for accessing UK clearing information and the sorting codes electronic CD, which is a data file that's been specifically designed to be integrated into database applications such as SAP.