HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!

I've just made a bill payment via HSBC Internet Banking and to my surprise after submitting my payment details the screen showed "Your payment will be received by the beneficiary within 2 hours". I was slightly confused and thought I have just made a CHAPS payment however this was not the case as I have not been charged any fee.

For those who have online banking with HSBC, the future of faster payment has arrived!
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Comments

  • kirsty000
    kirsty000 Posts: 211 Forumite
    hi Ive just made a payment and had the same happen to me. Found this on their site:
    Overview

    Faster Payment Service is a new UK clearing system which is due to launch on 27 May 2008.
    In normal circumstances payments are guaranteed to reach the beneficiary's account and be available for drawing within 2 hours. The system will be available 24 hours a day, 365 days a year to make payments

    Looks like its here early!
  • i work for a bank in a call centre (not saying who yet!) and we've had training on this faster payments system (basically the same except it goes quicker sometimes tho we dnt kno until it goes through cus it depends on the receiving banks!!). its due to start with us next week, 27th but thats after being postponed ... wait til u see it on ur statements, our examples show the time :D
    I am a poor student wife now but don't think I can edit username? i study dance and love it though of course, it'll be a career that doesn't earn a lot of money!!

    lost 5lbs so far - up to 11lb more to lose i think, will stop if it looks skeletal though dont think that could ever happen!
  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    I've tested the system by transferring 1p from my HSBC account to my NatWest account. Surprise, surprise... the 1p showed up on my NatWest account in 10 minutes and is available for immediate withdrawal.
  • SuiDreams
    SuiDreams Posts: 2,393
    First Anniversary First Post
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    Does anyone know if this aplies to First Direct as well?
  • msaquib
    msaquib Posts: 717 Forumite
    It looks HSBC is still testing it.

    I tried to transfer 1p to my A&L account and showed a message "This payment will usually be credited to the beneficiary's account within 2 hours."

    When I tried to make a transfer of £10 it showed 3 working days.

    MS
  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    Did the 1p go through? I heard the recipient bank will have to support this service as well in order for payment to be processed within 2 hours.
  • msaquib
    msaquib Posts: 717 Forumite
    1p did go through - I just transferred it to A&L and it credited immediately. Anything more than 1p it saying it takes 3 working days.

    MS
  • PROLIANT
    PROLIANT Posts: 6,396
    Combo Breaker First Post
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    So does that mean cheques will clear quicker or can you still use the "Cash Slow" benefit of a cheque?
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898
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    Fast payment does not change in any way the clearing cycle of a cheque.
  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    I think they are preparing the system to be 95% operational on official launch date. Currently only payment of 1p will be processed as Faster Payment.

    Too bad payment to HSBC Credit Card will still take 3 working days to process until November this year.
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