Pushing back the start date of the faster payments initiative is the only course of action for the industry (Faster payment scheme slows down). For such a sophisticated system to reach its full potential every component must be right from day one.

The arrival of faster payments is eagerly awaited and the benefits it will bring will be tremendous.

When expert advice was sought on the viability of launching in November, the advice stated that technically more time was needed.

Testing is a crucial part of the development process as it prevents a great deal of problems further down the line. If additional rigorous testing is required it should be carried out. The industry will just have to hold its breath a little longer.

When faster payments is launched it will revolutionise the payments landscape, opening up a much more cost-effective and efficient service to a much broader  spectrum of customers, both consumer and corporate. We need to make absolutely  sure faster payments is robust and successful from day one, and the extra time  will be useful for further preparation. It will be worth the wait.

Georgia Leybourne