Submitted on Tuesday 19th July 2016
Published on Thursday 28th July 2016
Current status: Closed
Closed: Saturday 28th January 2017
Signatures: 19
Compel Bacs to process payments over a maximum 1-day execution time
In 2007 the EU declared rapid payments essential for a modern and properly functioning economy, adding that there is no reason why payments should not be made by the end of the next business day at the latest. Why, then, nine years later, does Bacs still take three days to process payments?
In 2016, 3-day payments should be redundant. For an electronic payment to take 3 days to process is unacceptable. A cheque which clears on the fourth day is barely any slower. And yet, Bacs is the only option for direct debits, the only RTI-enabled option for payroll payments, and the entrenched option for all other payments. There was no reason in 2007, and there remains no reason today, why all these payments should not be processed over a maximum 1-day execution time, by default.
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