Sunday, February 12, 2006

Rabo speeds up interbank payments

A couple of days ago, Rabobank informed its customers that all payments entered into its systems before 13.00, will be immediately (meaning the same day) be forwarded to other banks for crediting. The time it takes for the payment to arrive therefore depends more on the receiving bank than on Rabo.

Other banks may be bound to follow. Thus, well before 2010 we will see that payments in the Netherlands are already processed in the so highly desirable D+1 timeframe.