The 'Retry' payments process, introduced across the UK banking industry in 2014 to give customers a second chance at paying standing orders, direct debits or future-dated payments if there aren't sufficient funds in the account the first time, has enabled approximately 25 million payments, according to Payments UK.

The retry service was monitored over a 12-month period from 1 Oct 2014 to 30 Sept 2015. It helps bank and building society customers to avoid missed payment fees and UK Payments claims that at least £200 million has been saved in this way in the 12 month period.

The retry process automatically attempts to process a payment again, later the same day, if insufficient funds prevent the payment being made first time round.

The participating banks and building societies give customers until at least 2pm to pay cleared funds into their account.

The Financial Conduct Authority's (FCA's) director of supervision - retail and authorisations, Jonathan Davidson, said: “This simple change has had a positive impact on consumers; saving them money and allowing them to manage their finances better. It is a good example of how banks can work together to make a real difference for customers and demonstrate the benefits of collaboration between all parts of the industry.”