A new banking service that allows payments to be processed and arrive in the same day it was made has just been launched.

The Association for Payment Clearing Services (APACS) is in the process of gradually rolling out the Faster Payments Service, a service that will allow same-day payments done through telephone, online, or mobile banking to be done. This service will cut down the processing time from three banking days to only a few hours.

The Faster Payments service will also allow users to make payments and have them credited any time of the day and on any day of the week.

However, security analysts are concerned that the new banking service may put consumers at a greater risk of banking fraud since banks will have lesser time to verify or detect fraudulent or suspicious transactions. They fear that by the time the bank detects fraud, it may be too late as the transaction has already been credited.

In spite of this concern, banks like HSBC, Barclays, Halifax Bank of Scotland, Lloyds TSB, and Royal Bank of Scotland Group will be still gradually rolling out the service to their clients in the succeeding months. If you enjoyed learning this article, you'll surely be interested in reading how to pay bills online.