Payment processing

UK Group Reports First Figures From 'Faster Payments' Launch

Published May 30, 2008, 1:00 a.m. EDT

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Updated May 30, 2008, 12:00 a.m. EDT

1 Min Read

Some 318,000 payments in the United Kingdom were processed during the first three days of that country's "Faster Payments" service, according to a statement released Friday by APACS, a UK-based payments association. Financial authorities designed the service to provide quicker phone- and online-funds transfers. The service began on Tuesday. The value of the payments processed during the first three days reached nearly £200.2 million (US$396.6 million or 255 million euros), the association says. Average payment value stood at £625

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