The banks have finally got their act together on the matter of transfering cash. The standard period for digital transfers has up till now been several days but from the 27th May 2008 the whole of the banking system in the United Kingdom should be able to make transfers within 24 hours.
The new service will operate 24 hours per day and seven days per week but will initially only operate for personal customers with business customers being brought into the same system later. The banking industry hopes that most transactions will happen instantaneously.
They have taken their time getting there and required a push from the OFT back in 2005 but congratulations to the banking system. They seem to have got there in the end.

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Filed under: Banking

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