UK businesses neglect faster payments

[img_assist|nid=7258|title=|desc=|link=none|align=left|width=66|height=100]Banking industry in the UK is offering faster payments to businesses for the amounts of up to £10,000.

The service cost will account for a fraction of the cost of CHAPS transactions, current fast payment option.

The service is promised to deliver near ‘real time' payments. This should lower transaction costs and make instant payment possible to businesses.

Despite the fact that the system saves money charged for bank services throughout the whole business network, businesses in the UK showed little interest in the innovative product.

Most of the banks and businesses consider the new system as a simple alternative to existing CHAPS transactions though at lower costs.

Commerce and finance industry representatives are likely to neglect potential advantages offered by a young faster payments service while European businesses across the Channel lacking the one are very eager to get the opportunity to implement low cost faster payments.