New Payment Initiatives

The UK Banks have been reviewing ways to improve payment services. As a result, two key initiatives have been established: Faster Payments and Cheque Clearing certainty.

In addition, banks across the EU are working together to create the Single Euro Payments Area (SEPA).

Faster electronic payments

In response to the growth of electronic banking, low value payments between banks, including fund transfers, Standing Orders and bill payments will be made and cleared on the same day from end of May 2008. Find out more.

Cheque clearing - a faster, more reliable service

From November 2007, we've improved the way cheques clear. Now you'll have the certainty of maximum clearing times - making it easier to manage cash flow. And seven days after the date of the credit on your statement, the money will definitely be yours. Find out more

Electronic payments across the EU

From the end of January 2008 the banking industry across the EU is working to introduce a borderless area for electronic payments, creating the Single Euro Payments Area (SEPA). The creation of SEPA will enable individuals and businesses to move money as freely cross-border as they do domestically.

There will be a gradual introduction of products and services over time, commencing in January 2008. Find out more.