Banks agree to speed up on transfers and clearing

Britains Banking industry has finally given into pressure from small businesses and consumers to clear intermet, telephone and standing oredr payments on the same day or overnight.

The decision came after the Office of Fair Trading and Mervyn King, the Governor of the Bank of England, both criticised the industry. The banks will have six months to decide how to speed up processes and a further two years to implement these changes

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