Faster Payments System FPS - Current state of play

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DesG
DesG Posts: 1,288 Forumite
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edited 16 May 2011 at 7:35PM in Budgeting & bank accounts
APACS Sortcode checker: http://www.apacs.org.uk/sortcodechecker/

FPS FAILURES:
  • Abbey/Cahoot: Abbey possibly receiving FPS now, Still no word on Cahoot receiving, and nothing on sending.
  • Alliance & Leicester Business: Online limit of £250 per Faster payment, £250 over the phone.
  • Alliance & Leicester Personal: Online limit of £250 per FPS/recipient.
  • Citibank: ETA some time in 2009, now hopefully some time in 2010, now hopefully Summer 2011.
  • Co-Op Bank: Most accounts active, but currently small amounts only, £85 limit, £25 for bill payments.
  • Norwich & Peterborough: ETA 1st jan 2012.
Getting There
  • HBOS: Seems to be a limit of £1000 per day/transaction, some users reporting other issues.
  • Lloyds TSB: Online FPS working for some peole but still teething problems, possible £1000 limit
  • Nationwide: Well Nationwide have eventually increased the send limit to a reasonable £1000 which has moved them out of the failure zone!
The Success stories:
  • Barclays: Personal accounts fully operational for immediate FPS
  • HSBC/FD: Personal and Business accounts fully operational for FPS.
  • RBS/Natwest/Ulster Bank: Personal accounts fully operational for immediate FPS
Credit Cards accepting FPS payments
  • Barclaycard
  • Egg
  • Capital One (which uses same sort code as Egg!)
  • Natwest CC, Tesco and Mint (all RBS issued)
  • HSBC
  • Aqua
  • MBNA
Note: I havn't included forward dated FPS or standing orders by FPS, if anyone has any info on these for the listed banks let me know and I will update this.

Link to Wikipedia article on FPS: http://en.wikipedia.org/wiki/Faster_Payments_Service

Thanks to everyone who provides any info/updates/corrections.

Cheers, Des.
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  • 456789
    456789 Posts: 2,305 Forumite
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    sounds good to me :)
  • DesG
    DesG Posts: 1,288 Forumite
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    I've updated the first post with some current FPS info.

    If anyone spots any errors or has any new info let me know and I will update it.

    Cheers, Des.
  • Milarky
    Milarky Posts: 6,356 Forumite
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    The lack of clarity from banks about where standing orders fit into to their FPS 'operations' would make up-to-date information in one place helpful also.

    Another source of discussion/topic for updated information would be a list of which credit card companies 'accept' (good of them to!!) faster payments by having their own sort codes enabled. The ones I am aware of there at present include:

    -Barclaycard
    -Egg
    - Capital One (which uses same sort code as Egg!)
    - Natwest CC, Tesco and Mint (all RBS issued)

    The 'slackers' seem to include:
    HBOS (uses Bank of Scotland codes?)
    MBNA (uses Co-op bank codes)

    And then there are the 'non-banks' like
    ING
    Egg (for savings)
    most building societies.

    ..which have added themselves ad hoc to the scheme as time has passed...

    Yes I know that APACS really 'pushed the boat out' to create their sort code checker but it doesn't tell you when a sort code changes from not-in to in so you have to keep checking.

    Fortunately someone posting here will flag up any positive developments almost as quickly as they are quietly slid out.

    Yes, I vote for sticky status - one thread where FPS developments can be appended...
    .....under construction.... COVID is a [discontinued] scam
  • sammyjammy
    sammyjammy Posts: 7,393 Forumite
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    I see ING is in the list, is that just for money paid in from banks or is it also for withdrawals from ING to a Faster payments enabled bank?
    "You've been reading SOS when it's just your clock reading 5:05 "
  • Milarky
    Milarky Posts: 6,356 Forumite
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    sammyjammy wrote: »
    I see ING is in the list, is that just for money paid in from banks or is it also for withdrawals from ING to a Faster payments enabled bank?
    Only for receiving (last time I looked!) These organisations are sticking with BACS for now - presumably because their banks will charge them for using FPS (or more than they already do for the use of BACS at present?) At any rate, I don't think the 'non-banks' benefit from 'float' (earning interest whilst your money is in transit) so there's nothing in it for them besides the likelihood of higher costs

    (There's also the possibility that APACS doesn't want third-parties using FPS at this stage. That's precisely the sort of 'bulk use' they want to avoid as the system is delicate and not guaranteed. How does a third party square off it with you if first they say they can send via FPS, but when they send your payment it goes off into a BACS queue - and they have no control over it?)

    IF anyone from the banks could enlighten on how/when/if the likes of ING have been invited to send via FPS (and what charges may be compared to BACS) that would be very interesting....
    .....under construction.... COVID is a [discontinued] scam
  • DesG
    DesG Posts: 1,288 Forumite
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    Updated first post with Milarky's Credit Card list, and some info about Co-Op provided by Deleted_User in another thread.

    Cheers, Des.
  • G_M
    G_M Posts: 51,977 Forumite
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    There's a similar thread on the Savings forum which is kept up to date on Faster Payments here . Don't know how they can be combined though.....
  • DesG
    DesG Posts: 1,288 Forumite
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    Thats a great resource, just a pity it is in the savings section :)

    Is there a mod about, can we have that thread stickied on both boards? Doesn't seem any point having 2 threads on essentially the same subject. (And the other thread was here first) :)

    Cheers, Des.
  • TRaven
    TRaven Posts: 44 Forumite
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    Failure - Citibank who were expecting FP by quarter 4 2008, but are now saying sometime in 2009.
  • agsnu
    agsnu Posts: 1,457 Forumite
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    Milarky wrote: »
    (There's also the possibility that APACS doesn't want third-parties using FPS at this stage. That's precisely the sort of 'bulk use' they want to avoid as the system is delicate and not guaranteed. How does a third party square off it with you if first they say they can send via FPS, but when they send your payment it goes off into a BACS queue - and they have no control over it?)

    Actually I think the problem is just that the bulk payment submission interface for third parties (known as Direct Corporate Access) is not fully operational yet. This is a further layer of complexity, with third party software vendors (like Albany) having to extend and update their software and get it certified with APACS as "Bacs Approved Software for Faster Payments", banks having to add/update more systems and procedures, etc.

    The first approved software is now ready.

    Apparently Barclays is aiming to be the first bank to support DCA for their corporate customers, with a launch in June 2009.
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