The UK Faster Payments Scheme (UKFPS) that was introduced last month has 'fundamentally restructured' the way in which customers make payments at banks and building societies, according to an industry expert.
Speaking to fstech.co.uk, Martin Wilson from infrastructure provider VocaLink said the new system, which has led to the former three-day clearing cycle being abolished, has meant that both banks and customers have greater flexibility with payments.
The UKFPS, which was developed by Apacs, means that customers can pay "when and wherever they want" and is expected to lead to an increase in internet payments.
"Apacs is forecasting that it will mean a fundamental change in the way that we bank and the types of payments we make," Mr Wilson told the news provider.
Mr Wilson also said that the scheme was designed to be compatible with global payments schemes such as Sepa.
In related news, oil company Q8 has made its invoice processing and payment cycles faster by implement a new invoice automation solution, according to bobsguide.com.
