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HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!
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# 1
skyrider007
Old 20-05-2008, 3:33 PM
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Default 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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# 2
kirsty000
Old 20-05-2008, 3:37 PM
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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!
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# 3
soon2be student_wife
Old 20-05-2008, 5:38 PM
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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
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# 4
skyrider007
Old 20-05-2008, 5:53 PM
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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.
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# 5
SuiDreams
Old 20-05-2008, 5:57 PM
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Does anyone know if this aplies to First Direct as well?
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# 6
msaquib
Old 20-05-2008, 7:42 PM
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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
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# 7
skyrider007
Old 20-05-2008, 7:53 PM
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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.
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# 8
msaquib
Old 20-05-2008, 10:00 PM
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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
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# 9
PROLIANT
Old 20-05-2008, 10:17 PM
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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.
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# 10
jonesMUFCforever
Old 20-05-2008, 10:24 PM
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Fast payment does not change in any way the clearing cycle of a cheque.
What goes around - comes around
give lots and you will always receive lots
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# 11
skyrider007
Old 20-05-2008, 10:27 PM
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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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# 12
PROLIANT
Old 20-05-2008, 10:34 PM
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Well I hope the "Cash Slow" function of the cheque remains; it is a handy feature of the Banking system.
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.
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# 13
TheJimster
Old 20-05-2008, 11:44 PM
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Woohoo this sounds great!! I've been wondering how to minimise the interest cost of transferring my salary from my HSBC account into my A&L account each month (I have to do this otherwise A&L stop giving me 10% on my ISA) and this'll really make it nice and easy.
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# 14
ManAtHome
Old 21-05-2008, 12:27 AM
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Cheers Skyrider - tempted to try 20000 odd 1p transfers to pay the credit card ...lol

Sounds like they may be on target (27th was the sort-of-maybe global "go live" date I think)
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# 15
Graham1
Old 21-05-2008, 1:11 AM
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The site

http://www.apacs.org.uk/sortcodechecker/

should be able to tell people if their bank is live with the faster service yet. But this checker also won't be available until 27'th.

Update: It appears that checker is now available but it only says if a particular sort code can receive faster payments, not if it can send. It looks like quite a few banks will initially only be able to receive faster payments not send them (including A&L).

Last edited by Graham1; 21-05-2008 at 12:19 PM.
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# 16
Milarky
Old 21-05-2008, 1:41 PM
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I made some 1p payments from both First Direct and HSBC. FD screen gave no confirmation of the timescale for payment whereas HSBC does give this advice just before payment (and it changes from '2 hours' to '3 days' for any amount above a penny) Both arrived at Barclays and Alliance and Leciester pretty well instantly (I could not log on to the other accounts to check until I'd done paying. Barclays records all transactions 'live' (and therefore shows the source of the payments) but A&L only shows it as an updated 'running' balance including the pennies - due to the limitations of their own system.

When I tried sending 1p to LTSB from HSBC the system bucked - and no payment was taken even by BACS. Whereas the Sort Code Checker says LTSB (my branch) can accept FP (However, when I checked the LTSB balance some time later today a 1p credit from HSBC had definitely arrived. The interesting thing there is that the 1p never left HSBC! So I wonder if that be reclaimed????)

Of course I can't test Barclays in reverse until Tuesday (since all their minimum payments and transfers are £1!)

Since then I have confirmed the following

HSBC --
> Natwest (sort code 50 42 37) --> HSBC/FD
HSBC
--
> Tesco Savings (sort code 83 65 15) --> HSBC/FD
Natwest
--
> Halifax (sort code 11 05 57)
n.b. Halifax payments out are future dated/minmum £1.00

Also, following sort codes are listed on the checker

40 02 50 (Egg Money & Capital One)
40 07 13 (Catholic B/Soc)
40 28 01 (Leek Reg Saver)
40 46 13 (West Brom Magic 8)

11 05 57 (Halifax Websaver)

16 12 27 (Furness)
16 16 22 (Chorley B/Soc)





.....under construction....

Last edited by Milarky; 21-05-2008 at 6:36 PM.
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# 17
MABLE
Old 21-05-2008, 2:35 PM
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Quote:
Originally Posted by jonesMUFCforever View Post
Fast payment does not change in any way the clearing cycle of a cheque.
Do you know if Lloyds have already introduced the new sytem?

thanks in advance
The day of financial judgement has now arrived.
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# 18
rail.link
Old 21-05-2008, 3:05 PM
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BACS payment left my LTSB account yesterday and reached destination today.
Not quite 2 hours but an improvement, certainly.
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# 19
Graham1
Old 21-05-2008, 6:24 PM
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For anybody getting excited about using this for bill payments etc. next week: be aware that HSBC are saying for the first week (27-May to 2-Jun) the transaction limit will be £20 and then they will look to increase that on 3'rd June. I suspect other banks will have similar low limits for the first week (or longer).
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# 20
Lyncroft
Old 21-05-2008, 6:36 PM
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http://www.apacs.org.uk/sortcodechecker/

Seems to work now.
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