Internet and Phone

Multi-channel banking has led to a huge increase in phone and Internet banking in the last couple of years with a corresponding rise in volumes of one-off automated payments.

21.5 million customers now bank online, half of whom use Internet banking to make payments. Some 12.3 million adults use a telephone banking service, 40% of whom initiate payments over the phone.

Internet and phone transactions are either processed as Faster Payments or as one-off Credits using the Bacs system and so followed the three day timescales developed for bulk payments (Direct Debits and Direct Credits).