But industry sources noted that customers moving money between their own accounts - something that has become more common since the use of internet banking - would also benefit.

During the discussions with the OFT taskforce, the banks have been concerned about tackling fraud and revoking payments if the processing system is speeded up, as well as the cost.

While the precise cost of introducing the new system has yet to be acknowledged, some banking groups may incur expenses of millions of pounds. Others are thought to be confident that the project can be initiated at the flick of a computer switch.

Guardian Unlimited © Guardian Newspapers Limited 2005