Banks are likely to select a new clearing system that can transfer money in one day as opposed to three days, according to the Financial Times.
The favoured system is likely to be based on a proposal provided by transactions processing company Voca and cash machine operator Link. Banks have also considered a system provided by Visa.
The new system is expected to cost £65m and will be approved by the Office of Fair Trading's Payment Systems Taskforce.
But consumers hoping for a speedy change to the current system of payment will be disheartened to hear that it is likely to take two years to implement due to integration with existing systems.
The new system will only speed up payments of standing orders and payments made by the internet and by phone. It will not cover cheque clearance.
It is estimated that some banks make £30m in interest on money that is waiting to be transferred.
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