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Faster Payments to be introduced 27th May?
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Milarky
Posts: 6,356 Forumite
Lloyds TSB is making it available to corporate customers from that date (it's the Tuesday after the late May bank holiday) so I expect all the banks have to go 'live' at the same time as otherwise there would be a tailback of payments in the system.
When the OFT announced a delay until 'May' it was evident that this would be the end (if not the last day) since the banking industry thereby 'gained' all the bank holidays from Christmas until August (6 out of 8)
I would be nice if someone other than LTSB will confirm the 'drop dead' date....
When the OFT announced a delay until 'May' it was evident that this would be the end (if not the last day) since the banking industry thereby 'gained' all the bank holidays from Christmas until August (6 out of 8)
I would be nice if someone other than LTSB will confirm the 'drop dead' date....
.....under construction.... COVID is a [discontinued] scam
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It's a sensible date .. as it gives the Banks and the other software / network providers the elongated weekend to put things in place and make final tests / panic etc.
But the faster payments site is still showing 'end May' as it has been since Nov .... and Lloyds certainly can't go it alone!If you want to test the depth of the water .........don't use both feet !0 -
It also makes sense that they would be informing their corporate clients first. The two main points being "no recall" and initiated BACS runs being "instant debit" rather than "day 3 debit".
I agree, the implementation must be simultaneous for all banks; so where are the announcements from the others?0 -
How much faster can you get than this.........
Transfer from First Direct to Egg......
Money left First Direct on Feb 20th in Egg Bank Feb 20th
Beat that then !!!!!0 -
There's a reason for that Mervyn. Egg use an HSBC collections account for their payment processing. As you know, FD are part of HSBC.How much faster can you get than this.........
Transfer from First Direct to Egg......
Money left First Direct on Feb 20th in Egg Bank Feb 20th
Beat that then !!!!!
Did you notice that the Egg credit wasn't posted immediately? Instead, it would have appeared a day or so later but backdated to the day of sending.
With the new system, the credit will be posted immediately...or at least within a couple of hours depending on the time of day.0 -
Thanks Yorkshireboy.....
Never knew that !!!0 -
That would tally with Nationwide.
They are issuing new a debit card to most customers between by May.
These are to be used in one of those chip & readers for internet banking payments.
Clearly fraud will be a even bigger issue as the funds will no longer have the 3day cycle.
Same day payments, finally... :rolleyes:
Hopefully, the switch from £ to € isn't too far behind :idea:This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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