User:Brian McNeil/Banking on the UK's unemployed

In mid-2008 the United Kingdom's banks, cautiously, introduced their new 24-hour Faster Payments Service to replace the antiquated Bank Automated Clearing System (BACS) three-day transfer system. with. By the start of 2010, this system was not in place on payments made by the UK government; and, over the course of 2009, banks processed nearly four billion pounds in Jobseekers' Allowance alone. Financial experts consulted by Wikinews estimate that with these funds available to banks for three days – supposedly in-transit via BACS – between £quite-a-bit and £quite-a-lot could have been generated through use of this short-term capital.

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• "Slow start for fast cash transfer" — BBC News Online, April 29, 2008
• "UNSPUN: What are the banks waiting for?" — realbusiness.co.uk, August 30, 2007
• "'This technology is easily available. There is no reason we can't have it'" — Telegraph.co.uk, March 16, 2005

Category:United Kingdom Category:Economy and business Category:Europe