Faster electronic banking payments are set to become standard from 1 January 2012 as new legal rules come into force. A statement from the Payments Council said that consumers will now be able to pay their tax and credit card bills on a same-day basis for the first time. The new maximum timescale for electronic payments – known technically as a D+1 – will require payments across the EU to reach the recipient’s account by the next working day. However, all standing orders and one-off internet and phone banking payments in the UK already exceed this requirement, being processed end-to-end within two hours through the...Read more here--: Internet and phone banking payments cut to one day as new rules come into force | This is Money