Well its about time. As of May 27 the UK banking sector is introducing something they call Faster payments, but which I call, ‘Behaving like every other bank in the western world’.
This means a lot to me because I work for a small company who pay by bank transfer on the last day of the month. That payment takes 2 working days to reach me, and is sometimes not set in motion until the 1st of the month. So for example this month I did not receive my salary until May 6th! (there was a weekend and a bank holiday in between). Under the new system I would have received my salary the same day – which would have been very useful just before a bank holiday weekend…
Sadly as this is starting May 27th, it may or may not be up and running properly by the 1st June. As it is I have no idea whether I will receive my salary on May 30th (its possible my boss would make a payment that day), June 1st or worst case scenario – June 4th…
Still – its definitely good news for my July salary – hooray!
