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Consumers offered faster payments

Making payments like tax or credit card bills over the internet and phone will now be much quicker following the creation of new rules at the very start of the year.

People will now be able to make "same day" UK and eurozone electronic payments for the first time, enabling money to reach their recipents' accounts on the same day.

The Payments Council, which governs payment methods in the United Kingdom, said most payments in the UK will be completed within two hours.

It will now be much quicker for people to pay credit card bills, HM Revenue and Customs tax payments, and single transactions to friends and businesses.

Standing orders like rent payments, charitable donations, life assurance premiums and regular savings will also be made faster, and money will be deducted from a customer's account on the same day that they want it to arrive, instead of the money being taken out several days beforehand.

However, some payments, such as those from ISA accounts, will not be covered by the new regulations.

Copyright © Press Association 2012

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