The interest accrued in the transfer time is worth about �30m to banks

Initially scheduled to be introduced in November, it will allow payments to reach an account within a few hours.

At the moment, phone or internet payments take three days to complete, the same time needed for cheques.

The Association of Payment Clearing Services (Apacs) blamed the complexity of the project for the delay.

"The UK banking industry is disappointed that we won't be able to deliver the new faster payments system as quickly as we had planned," said Paul Smee, the Apacs chief executive.

"But there is no room for error when launching a system which forms part of the UK's economic infrastructure.

"Clearly, it is more important to make sure it is done with our total confidence than rushed to meet a self-imposed delivery date."

'Stability paramount'

He called it a "huge project", which was costing the banking industry an estimated �300m to develop.

The OFT believes that faster funds transfers will help consumers manage their finances better The Office of Fair Trading

The faster service comes two years after banks came under fire from the Office of Fair Trading for the time they take to process electronic payments, from which they make about �30m a year in interest.

Web, phone and standing order payments currently make up only 8% of automated payments, according to Apacs, but the new infrastructure is designed to cope with rapidly-growing demand.

Apacs said it had explained the reasons for the delay to the OFT, which said it "agreed that the stability of the UK payments system is of paramount importance and should not be put at risk".

"The OFT believes that faster funds transfers will help consumers manage their finances better, including making it easier to avoid unauthorised overdrafts and getting a better deal on interest rates," the consumer watchdog added.

Cheque clearing

The hold up will not affect Apacs' delivery of the changes to the cheque clearing process, the body insisted.

From November, customers' cheques will be cleared once and for all after six days, unless the bank or other financial institution suspects that fraud is involved.