UK clearing statistics for August 2012: Faster Payments is growing at 44%/year even in recession and
by Kylene Casanova
The latest clearing statistics from the UK's Payments Council shows major differences in annual growth rates
- Faster Payments (the same-day bulk clearing system) grew by 44% overall and growth rates for the components were:
- standing order payments - 24% (282 million)
- single immediate payments - 51% (326 million)
- forward dated payments - 111% (100 million)
- return payments - 64% (1 million)
- cheques and paper credit fell by 12%.
Only 677 million cheques and paper credit were processed in August compared to 709 million Faster Payments.
Bulk same day clearing systems are becoming more and more popular world-wide; the issue is how to incorporate these systems into your company's payment and collection processes.
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