Faster Payments System FPS - Current state of play

alanq

Northern Rock implementing faster Payments out between 15 October
and 20 November 2011.
http://www.northernrock.co.uk/savings/savings_downloads/Savings_Account_Flyer.pdf

pqrdef

Dr_Cuckoo3 wrote: »

Norwich and Peterborough

"From 1st January 2012 we will be processing your payments using the Faster Payments Service.

Nothing like waiting until the last minute.

Still no sign of life at cahoot.

bubieyehyeh

I wonder how many of these leaving it to the last minute banks and building societies are going to have issues and miss the 1st Jan deadline.

Dr_Cuckoo3

EGG are launching faster payments on 6 December 2011 with a limit of £100,000 - the cut off point appears to be 6pm


Yorkshire Building Society launch faster payments in November

System

Dr_Cuckoo3 wrote: »

the cut off point appears to be 6pm

What 'cut off point'? I thought that Faster Payments are 100% automated and are supposed to work in near real time 24/7 365/365.
http://www.chapsco.co.uk/faster_payments/-/page/342/

Lokolo

YoungNick wrote: »

What 'cut off point'? I thought that Faster Payments are 100% automated and are supposed to work in near real time 24/7 365/365.
http://www.chapsco.co.uk/faster_payments/-/page/342/

I imagine it's to start things off, if things go wrong they have staff available during the day to sort it out.

After a trial period when everything is fully working I imagine it will go 24/7.

YorksClare

opinions4u wrote: »

I suppose here is the right place to remind people that Halifax Faster Payments now appear to be sat on the Lloyds TSB systems and working far more effectively and reliably than before.

Rubbish! I hope that was a tongue in cheek post, because it is not funny...

I have only had two payments go through properly on the FPS from my Halifax account, and that was before it all moved to the Lloyds online system. And they had to be less than £300 then.

Now I have sent two payments allegedly "as soon as possible" on the online payment system, deliberately limiting them to less than £200. But probably because it is to go to my credit card - a Halifax one no less - it is going to take "up to 4 days".

I SPECIFICALLY wanted online banking to be able to do FPS to pay my credit card, because I like to be able to vary what I pay back and pay way over the minimum. I even took out their own brand credit card to show customer loyalty and try to make it easier for them to do it.

So now the only thing that I thought was worth having at the Halifax has been taken away from me, and because of this moving goalpost I have ended up with a banking charge when I thought I was well in time for a payment. :mad:

Anybody know of a better current account/ISA/saver account combination at another bank? Please? :question:

Chadsman

Dr_Cuckoo3 wrote: »

Yorkshire Building Society launch faster payments in November

Did someone at YBS tell you this? Do you have a link? I couldnt find anything on their website.

premierfella

YorksClare wrote: »

...
Now I have sent two payments allegedly "as soon as possible" on the online payment system, deliberately limiting them to less than £200. But probably because it is to go to my credit card - a Halifax one no less - it is going to take "up to 4 days".
...
Anybody know of a better current account/ISA/saver account combination at another bank? Please? :question:

I understand your frustration with the charges. Sadly, I believe Halifax Card Services sort codes do not currently accept Faster Payments - hence it would have made no difference what bank the payments to the Halifax Credit Card were sent from (this is still fairly common with credit cards unfortunately).

The Halifax current account faster payment service is, in my experience also, much more reliable and predictable now that it is on the Lloyds TSB system.

pqrdef

Worryingly, some banks are now saying they will only send FPs with no alternative BACS service, so if the destination doesn't accept FPs, they won't be able to make the payment at all, except maybe by CHAPS.