A major change is on the way in UK payments.  Faster Payments will be introduced into the UK market by the end of November 2007.  It is a key initiative being driven by the Office of fair Trading Payments Systems Task Force in conjunction with APACS to increase the speed of credit transfers from one account to another, enabling internet and telephone banking users to benefit from near real-time payment processing.

Thales solutions are at the heart of securing the Faster Payments Service, within the service itself, and at the banks. To find out how Faster Payments can be secured click here

The Faster Payments Service significantly reduces transaction times – theoretically to as little as 15 seconds. This could increase the risk of fraud as there is very little time to analyse transactions. Should fraud occur, it will reduce consumer confidence in internet banking, leading users to use payment methods that are more costly for banks.  The business case for strong authentication to ensure users are genuine is therefore very strong.  To find out about Thales ’ solution for strong user authentication please click here

The Route to Faster Payments

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