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same day payments delayed until 2008
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oldfella
Posts: 1,534 Forumite
Industry body APACS said it would no longer be able to meet its deadline to introduce the new faster payments system for money transferred by internet and telephone by the end of this year. Apacs said it was now replanning the launch and would set a revised date for it by mid-August. The new system should go live some time during 2008.
anyone surprised ?
anyone surprised ?
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Comments
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Not at all.
In fact I'm sure it will coincide with the end of free banking as we know it now. These things do have to paid for somehow.0 -
!!!!!! - that's just stupid. They've been working on this for a year and a half - if they can't do it in that time ....0
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I am not bothered about APACS or any instant transfer systems myself. a couple of working days has always been fine with me. Most importantly i wouldnt want to see free banking evaporate either. (i wouldn't think it will end because of those special £10 a month accounts that offer free travel insurance and other stuff)Had £80,000 in Savings - All GONE!!! BYE BYE:A Single, 27, Aspie, Gooner :A0
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!!!!!! - that's just stupid. They've been working on this for a year and a half - if they can't do it in that time ....
Do you know the work that needs to go into this?
All the banks systems have to be compatible with it. The system has to be reliable and secure. I seem to recall that parliament will need to amend an act to allow the changes as well (that may have already happened). Its a massive undertaking.Most importantly i wouldnt want to see free banking evaporate either. (i wouldn't think it will end because of those special £10 a month accounts that offer free travel insurance and other stuff)
Its almost a given that it is going to end. The Govt is pressuring the banks to end it. It feels the current system is too costly to consumers. Of course, the majority of us dont pay a penny so that arguement doesnt wash. What they mean is that they want people who can manage their money and avoid unauthorised overdraft fees to subsidise those that cannot.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Industry body APACS said it would no longer be able to meet its deadline to introduce the new faster payments system for money transferred by internet and telephone by the end of this year. Apacs said it was now replanning the launch and would set a revised date for it by mid-August. The new system should go live some time during 2008.
anyone surprised ?
your sources?
what about next day payment?0 -
your sources?
what about next day payment?
Press Association
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=422267&in_page_id=70 -
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Thanks.
I agree it's a huge undertaking. But they should have been able to implement next day payment more quickly, as is the case in nearly every other country, including 3rd world countries.
I guess we have to wait.0 -
Got that bit wrong - it's Wednesday morning in most casesUnder the new system, payments will still not be made instantaneously, but money transferred at 10pm on a Monday will arrive at its destination that day, as opposed to Thursday morning as is currently the case.
This shows that banks are truely shambolic. Yes APACS is a separate company, but they've had more than enough time to speed up these payments - since 2000 in fact when the government said it was going to do something about this. What's so 'difficult' about a change in the law anyway, aren't MPs getting enough compensation to be able turn up at Westminster and do their jobs and vote or something? [I assume that's the Law covering 'Bank Holidays'?]
I think that someone should get sacked for this - pour encourager les autres.....under construction.... COVID is a [discontinued] scam0 -
But a payment initiated at 10pm would have missed Monday's cut-off time and so would be sent on Tuesday - meaning it would actually arrive on Thursday under the current system. No?Under the new system, payments will still not be made instantaneously, but money transferred at 10pm on a Monday will arrive at its destination that day, as opposed to Thursday morning as is currently the case.Milarky wrote:Got that bit wrong - it's Wednesday morning in most cases0
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