Faster Payments System FPS - Current state of play

premierfella

Lloyds TSB one-off payment limit now apparently raised to £20k from £15k for retail customers (although I confess that I am unlikely to ever be in a position to test it in practice!).

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

chexum

Just your scheduled citi-watch - faster payments are no longer coming to citibank "by June," it was too close.

When will Citi offer Faster Payments?
We are planning to go live with a Faster Payments service in summer 2011.


Roughly the same time when my BT account information is going to show up on Equifax - i.e. always a few months in the future...

baby_frogmella

Recently opened a N&P gold current account and asked them if/when they will ever implement faster payments and they said 1st jan 2012:( better late than never I suppose

DesG

baby_frogmella wrote: »

Recently opened a N&P gold current account and asked them if/when they will ever implement faster payments and they said 1st jan 2012:( better late than never I suppose

chexum wrote: »

When will Citi offer Faster Payments?
We are planning to go live with a Faster Payments service in summer 2011.

Thanks, I have updated the first post.

Cheers, Des.

Toe-Jam

Chris2000 wrote: »

YBS already do inbound FP and, like everyone else, from 1 Jan 2012 they will be legally required to process outbound payments within 1 working day. A lot of banks and building societies seem to be leaving this until the last possible minute.

Where is the information available that says banks must process payments within a day from next year?

Toe-Jam

Coventry BS have no plans to implement faster payments outwards, And had never heard of this 1st January 2012 deadline where all banks have to process payments within 1 day.

I've been looking online ,and I can't find anything that says that they must have them either. I've read the PSD 2009 from start to finish and there is nowhere in there that it says faster payments must be available.

rb10

Toe-Jam wrote: »

Coventry BS have no plans to implement faster payments outwards, And had never heard of this 1st January 2012 deadline where all banks have to process payments within 1 day.

I've been looking online ,and I can't find anything that says that they must have them either. I've read the PSD 2009 from start to finish and there is nowhere in there that it says faster payments must be available.

It states:

Article 69
Payment transactions to a payment account
1. Member States shall require the payer's payment service provider to ensure that, after the point in time of receipt in accordance with Article 64, the amount of the payment transaction is credited to the payee's payment service provider's account at the latest by the end of the next business day. Until 1 January 2012, a payer and his payment service provider may agree on a period no longer than three business days. These periods may be extended by a further business day for paper-initiated payment transactions.

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML

So (with the technology that we have), all transactions will have to be sent by Faster Payment.

I imagine, however, that some providers will opt to send their FPs as part of an overnight batch run, i.e. initiate the payment now, and it'll go overnight.

Toe-Jam

rb10 wrote: »

It states:



http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML

So (with the technology that we have), all transactions will have to be sent by Faster Payment.

I imagine, however, that some providers will opt to send their FPs as part of an overnight batch run, i.e. initiate the payment now, and it'll go overnight.

This is what coventry told me last time i approached them for an explaination

Thank you for your message.

Since 27th May 2008 we have been able to accept Faster Payments into customer's accounts.

The faster payment service is automatic, so no changes are required in order to receive them into your account with the Coventry.

Where your account permits deposits by standing order, we are also able to accept deposits by Faster Payment.

Normally these payments will be credited to your account within 2 hours of being received by us, Faster Payments that are not credited to your account within 2 hours will be credited to your account within 24 hours of receipt by us.

However, we are unable to guarantee when payments will be received by us when they are sent through a third party.

We are unable to send faster payments from any Coventry Building Society Account.

According to the Banking Code, Faster Payments is an optional service and is not a requirement of the Code. At this stage we have chosen only to receive Faster Payments into accounts and we remain one the few building societies to offer this facility.

To date we have chosen not to implement the functionality to allow Faster Payments to be sent from accounts. This decision was made as the payment network is still relatively new and incoming volumes of traffic remain low. We intend to review this decision at a later date once the network and demand have matured sufficiently.

We have recently launched a frequently asked questions page on our internet which may help you with any future queries. This information can be found on our home page by clicking contact us.

If you have any queries, please contact us on 0845 7665522. Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm, telephone self-service is available 24 hours a day, 365 days a year. Please contact your service provider for details of call charges, as costs may vary

I've resent my query to the Coventry, interesting to see what they say this time.

gt94sss2

Toe-Jam wrote: »

To date we have chosen not to implement the functionality to allow Faster Payments to be sent from accounts. This decision was made as the payment network is still relatively new and incoming volumes of traffic remain low. We intend to review this decision at a later date once the network and demand have matured sufficiently.

I've resent my query to the Coventry, interesting to see what they say this time.

I think they use HSBC for their banking so are likely to implement whatever HSBC offer (if they don't already allow it for such customers)

Regards
Sunil

Toe-Jam

gt94sss2 wrote: »

I think they use HSBC for their banking so are likely to implement whatever HSBC offer (if they don't already allow it for such customers)

Regards
Sunil

They use HSBC as their clearing bank, they have nothing to do with HSBC on a technical level, you only have to look at their high school project Internet banking to see that. HSBC have had full faster payments inwards and outwards for over 2 years. They are not implementing it because they make more money holding on to the funds for 3 days.

Even Santander have them up and running now, even though the limit is only £300