Faster Payments System FPS - Current state of play

DesG

property.advert wrote: »

Nationwide is up to £1000 now I am told.

Thanks for the reminder to update the 1st post

Cheers, Des.

premierfella

premierfella wrote: »

I note that the Citi website has been updated again and now says planned implementation by the end of 2010.

I think the date has been pushed back many times and even if they meet this latest one that represents over two years later than their original planned launch date for personal customers (remember Citi are one of the original founder members of the scheme).

Citi's diary card must have come out recently to update the date on their Faster Payments FAQ page.
Now planned by the end of March 2011 (credibility attached to this date: zero)
http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/fasterpay_faq.htm?merchant=citi

System

What is the date when EU banks are legally required to transfer funds within 1 day?

I don't understand why they can't even do incoming FPs considering they have a Lloyds supplied sort code.

premierfella wrote: »

Citi's diary card must have come out recently to update the date on their Faster Payments FAQ page.
Now planned by the end of March 2011 (credibility attached to this date: zero)
http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/fasterpay_faq.htm?merchant=citi

premierfella

Heng_Leng wrote: »

What is the date when EU banks are legally required to transfer funds within 1 day?

I don't understand why they can't even do incoming FPs considering they have a Lloyds supplied sort code.

1st January 2012. Which I suspect is the earliest date we will ACTUALLY see Faster Payments for personal customers at Citibank (just a suspicion, mind!).

System

That's only 9 months from their recent updated date.
It would easy enough to add a sentence blaming the EU...

premierfella wrote: »

1st January 2012. Which I suspect is the earliest date we will ACTUALLY see Faster Payments for personal customers at Citibank (just a suspicion, mind!).

bubieyehyeh

Intelligent finance once part of HBOS group, now part of Lloyds group still don't do Faster Payment in or out, and they have no idea when they will. But as far as I know Lloyds and Halifax both do Faster payment. I can't see it happening till they have to or are sold off as a brand.

knightfox

bubieyehyeh wrote: »

Intelligent finance once part of HBOS group, now part of Lloyds group still don't do Faster Payment in or out, and they have no idea when they will. But as far as I know Lloyds and Halifax both do Faster payment. I can't see it happening till they have to or are sold off as a brand.

I think it will happen once they are sold!

knightfox

premierfella wrote: »

Citi's diary card must have come out recently to update the date on their Faster Payments FAQ page.
Now planned by the end of March 2011 (credibility attached to this date: zero)
http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/fasterpay_faq.htm?merchant=citi

I hadnt noticed this. Thanks for the info.

Maybe as they have raised more money from selling off some credit cards. Alos with the parent company making a profit. Then maybe one day it will happen.

I dont understand why they cant make it work. I am really fed up with the usual 3 days, unlike the other banks.

premierfella

The one-off Faster Payment list appears to have been updated today:
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

At a glance I think the change may be in the LloydsTSB retail customer limit (to £15,000) as their own website still shows a £10,000 transaction limit for internet Faster Payments.
http://www.lloydstsb.com/internet_banking/payments.asp

Milarky

premierfella wrote: »

The one-off Faster Payment list appears to have been updated today:
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

At a glance I think the change may be in the LloydsTSB retail customer limit (to £15,000) as their own website still shows a £10,000 transaction limit for internet Faster Payments.
http://www.lloydstsb.com/internet_banking/payments.asp

You are correct! A look in the Google cache (from 2 Feb) - although that will change within a day - shows only one change from 10,000 to 15,000 against Lloyds.

Now "here's the thing". That page is only 'advisory' - APACS takes no responsibility for its accuracy - so we might just as well ignore what it say until we verify it by personal experience [eg Halifax will not currently take single payments above £1000 - '£2500' applies to the total of all payments through an account - which is possible]

Has ANYONE out there has actually sent £2500 by FP from a Halifax?