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2012-01-06
Online payment processing to be made quicker
Online payment processing services are to be made quicker due to new European Union regulations.
As of January 1st new legal requirements mean that electronic payments must reach the recipients account by the next working day.
The new Faster Payments system is expected to affect around 15 million internet, phone and standing order payments per month in the UK.
All standing orders, one-off internet and phone banking payments will exceed this requirement and are expected to be processed within two hours through the new regulations.
"This is great news for consumers and businesses. More bills are going to be paid more quickly through Faster Payments and the change will mean more certainty if you have been sent money too," commented Adrian Kamellard, chief executive of the Payments Council.
However, Mr Kamellard told Pay Your Way that "not all payments we make will fall under this regulation" and therefore it is important for both internet merchant account holders and consumers to become familiar with the new rules.
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