Friday, January 30, 2004

ING Bank eliminates value dating; speeds up payment process

ING Bank announce on their website that they will eliminate value dating as of January 19, 2004 and will use the day of debit/credit to calculate interest for the account holder.

ING also announces that it will speed up the credit-transfers: those account holder that send in their payments by Internet of e-banking will note a one day acceleration in the processing of payments to other banks. This is due to the fact that ING will actively use the interim settlement function (kavelsettlement) that sofar has not been utilized. It should be noted that ABN AMRO and RABO were already using this feature of our settlement system, so ING is not really the first.

A very good thing is that ING further elaborates on processing times and value dating in separate brochures. So despite the commonly heard complaints about intransparancy, we can really see the banks moving towards more clarity and transparance.