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Payment initiatives
Changes to UK payments
Changes to UK payments
The UK Banking industry is improving domestic payment services through two new key initiatives: Faster Payments and certainty within Cheque Clearing.
In addition, the banking industry across the EU is working to create the Single Euro Payments Area (SEPA).
Faster Payments
In response to the growth of electronic banking, low value payments between banks, including fund transfers, Standing Orders and bill payments can be made and cleared on the same day.
Cheque clearing changes
Changes to the cheque clearing process were introduced at the end of November making it more understandable and introducing maximum time limits for cheque clearing.
Single Euro Payments Area
SEPA enables individuals and businesses to move money as freely cross-border as they do domestically.
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