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All change for direct debits as banks gear up for instant transfers


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The UK’s nine biggest banks and building societies have been told by the Competition and Markets Authority (CMA) to be prepared to implement smart direct debits, also known as variable recurring payments (VRP)s by July.

 

The new payments are designed to make life easier and allow consumers to give consent in advance for money to be instantly transferred – between their own accounts and to third parties.

 

Consumers can set up payments, choose when they end, and set limits on the amounts in advance, and they’ll all be listed in their banking app.

 

They are set to work alongside existing payment systems, such as direct debits.

 

WWW.MSN.COM

Smarter payments are on the way but banks warn deadlines have been missed

 

 

  • Like 2

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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