Inter-Bank Electronic Payments

The Office of Fair Trading (OFT) in the UK has already looked into the time it takes to clear a cheque. It’s unfortunately that we’ll have to wait until 2007 to see any benefits. I suspect it’s also time for OFT to look into the time delay with regards inter-bank electronic payments, which between banks in the UK appear to average two days. Two days to send electronic messages between banks appears to be yet another money making scheme that retail banks are using. Assuming OFT have the guts to do something about this ridiculous affair, then maybe they should resolve the inter-country-bank electronic transfers which again appear to take between 2-3 days – another money making customer ripe off. I know the banks have to make money, but the current situation is day light robbery.

~ by mdavey on June 9, 2006.

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