Fast Payments Query

antispam246

I have stnading Orders set up between my savings account and current account, it's between A&L and Barclays. Does a standing order benefit from the Fast Payment system or would I have to do the transactions manually to benefit from this?

Lokolo

I think SO's aren't going yet with most banks. However I may be wrong.

antispam246

Lokolo wrote: »

I think SO's aren't going yet with most banks. However I may be wrong.

Although I'll wait on confirmation, assuming you're not wrong, then it would be more beneficial for me to manually process my monthly standing order payments through the FP rather than using a SO. That's obviously assuming I can ensure I keep on schedule, which I could.

Paul_Herring

It is intended that the FP system should also apply to standing orders, but as with the rest of the FP system itself at the moment, not all banks will have implemented it yet.

What isn't as clear yet, is *when* during the day it'll go.

http://www.fastpayments.co.uk/overview.asp

For internet banking transfers and telephone transfers between banks the movement will be near real time, with standing orders being processed on a same day basis.

Ask your bank (and the destination bank) is the only way you'll get an accurate answer.

antispam246

Paul_Herring wrote: »

It is intended that the FP system should also apply to standing orders, but as with the rest of the FP system itself at the moment, not all banks will have implemented it yet.

What isn't as clear yet, is *when* during the day it'll go.

http://www.fastpayments.co.uk/overview.asp



Ask your bank (and the destination bank) is the only way you'll get an accurate answer.

Thanks. I see A&L aren't listed as on the scheme yet which makes sense. Although my Barclays SO's have still been relatively poor time wise