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Apacs issues update on faster payments

An update on banks' long-awaited Faster Payments Service has been released by Apacs, the payments association.

Under the service, customers will have their payments made over the internet or via phone clear much quicker.

Standing orders are also to be processed much more quickly - with the current clearing timescale of three days shortened to just one.

The new system - which runs alongside current schemes such as BACS and CHAPS - is scheduled for delivery on May 27th.

Rising usage of internet shopping is one of the many factors that has necessitated the bank changes.

Online payments provider PayPal announced this week that it now retained 20 million accounts in the UK.

Retail body IMRG also found that online transactions increased by 75 per cent last months, with more buyers than ever before taking their sales shopping online.

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