Prompt payment
27 May 2008 | Steve Bagshaw
Today some banks in the UK are launching the "Faster Payments Service" which promises to reduce the amount of time it takes to process transactions for businesses and customers.
So far 13 banks have signed up to the system, with others able to join in the future. Transactions worth less than £10,000 should now be processed on the same day, instead of the three of four you usually have to wait.
Will these changes improve the speed at which buyers pay suppliers?
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I can imagine some small improvement, but not significant. The two or three days it takes the payments to come through is obviously one reason for delay, but most of the delay will be caused at invoice matching stages and this will have no impact on that.