Faster Payments and Bacs Payment Services Ltd have announced updated banking industry procedures for misdirected payments. The updates strengthen measures introduced in May 2014 which standardised the timescales customers can expect for a bank or building society to investigate a report that a payment has been sent in error. The updated procedures mean that where there is clear evidence of a genuine mistake, the receiving bank will prevent the money being mistakenly spent by the recipient of the payment. The updates apply to users of Faster Payments banking and Bacs Direct Credit from 26 January. (Source: Faster Payment and Bacs Update Misdirected Payments Procedures)