Use of the service is not as widespread as it could be, according to a new OFT report.
The Faster Payments service is not covering many bank customers, a new report has revealed.
A report from the Office of Fair Trading (OFT) found that the service, which offers customers near real-time cash transfers to other current accounts, is only operating at 69 percent capacity across the banks which have signed up to the scheme. Institutions which are currently not offering parts of the service to current account customers include Abbey, Bank of Ireland and Northern Rock.
Pula Houghton, economic policy manager at consumer group Which?, commented: "It's a real let down that so many bank customers are still waiting to see the benefits of Faster Payments. It's been almost a year and a half since the original deadline to implement same day transfers so why are so many banks dragging their heels?"
The group also cited a customer survey it conducted recently, showing that two-thirds of bank customers are unsure whether or not their current account provider has introduced the service. Figures from the organisation also suggest that banks make around £30 billion in interest each year through holding customers' money to be transferred before the transaction goes through.
Figures from payments association APACS, released earlier this month, showed that Faster Payments has processed over 125 million transfers since its launch last May. The total value of these payments comes to almost £50 billion.
