Electronic Payments Have to Arrive the Next Day, From January 1st

By Gary Cutlack on at

Transferring cash through your phone and the internet ought to get a little quicker from next week, with the UK and Eurozone countries making it a required standard for all mobile and internet payments to arrive within one day.

Not all payments fall under this new ruling, though -- some ISAs and accounts with withdrawal time limits obviously won't be included, but all UK credit card companies are covered. The UK already exceeds the standards, with the Faster Payments System letting most bank account users transfer funds within hours.

Despite that, the Payments Councils says one in seven of online payments in the UK were taking up to three days to arrive in their destination accounts during 2011. Now everything should be on the same-day FPS system from 2012.

Cheques will still take around a million years in comparison. [Pay Your Way via FT Advisor]

Image credit: Banking from Shutterstock