Faster Payments System FPS - Current state of play

System

It's because BACS will basically be phased out (for personal transactions) as its too slow for payment services directive.

pqrdef wrote: »

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.

Dr_Cuckoo3

Chadsman wrote: »

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

Dr_Cuckoo3

It looks like EGG will have better faster payment facilities than Yorkshire Building Society , even though Yorkshire Building Society will own EGG by the end of this month

I doubt that EGG will continue in its current form

In the meantime anybody with a debit card will be able to fund their EGG account and make a faster payment immediately (unless I have missed something)

Dr_Cuckoo3

Intelligent Finance offer faster payments from 13 November with a 6pm cut-off time

"D.2.4.2 We can make a payment using the scheme within the cut-off times shown in the table above. We will take the
payment from your payment jar and Cash ISA, on the same banking day and the payment will reach the receiving account by the next day."

http://www.if.com/pdf/ifterms_november2011.pdf

Santander increased to £500

CO-OP Bank £20,000 beats all banks except Lloyds TSB

http://www.ukpayments.org.uk/faster_payments_service/value_limits/ updated 17/10/2011

King_Of_Fools

Dr_Cuckoo3 wrote: »

http://www.ukpayments.org.uk/faster_payments_service/value_limits/ updated 17/10/2011

Interesting... they have added BoS back in as a separate entry under Lloyds Banking Group with lower limits than Lloyds TSB and have explicitly mentioned Halifax alongside BoS this time.

Has anybody done a FP from Halifax for greater than £2,500 recently? I was rather hoping the move to the TSB system would have raised the limit and thought that was the case when BoS previously got removed from the list.

Milarky

King_Of_Fools wrote: »

Has anybody done a FP from Halifax for greater than £2,500 recently? I was rather hoping the move to the TSB system would have raised the limit and thought that was the case when BoS previously got removed from the list.

Recently, yes - up to £5000 - and Yorkshireboy mentioned sending £18k recently I believe. That table of information from APACS was only updated in August and the improvements to limits &tc all occurred after 12 Septmeber, so I think you can ignore it.

King_Of_Fools

Milarky wrote: »

Recently, yes - up to £5000 - and Yorkshireboy mentioned sending £18k recently I believe. That table of information from APACS was only updated in August and the improvements to limits &tc all occurred after 12 Septmeber, so I think you can ignore it.

The top table says it was updated on 17th October and has definitely changed twice since 12th September.

hermante

Dr_Cuckoo3 wrote: »

Santander increased to £500

Not for all accounts. And max is now £1000.

Santander_website wrote:

It will however mean a period of transition where some accounts will be able to send higher amounts than others.

When we have assessed and are happy with the potential impacts, we will then increase the amounts across the board

Milarky

hermante wrote: »

Not for all accounts. And max is now £1000.

Gee, 'thanks' Santander:

How will I know if my payment has been made by Faster Payments or not?

You will be advised on completion of your transaction if your payment has been made by Faster Payments.

I have just sent £500 from two of my accounts successfully - a third account only allowed £300. So they aren't making it up [about making it up]....

26th October:
My accounts are now allowing £1000, £1000 and £300 [the last is former A&L]

I_luv_cats

I received a letter from The Co-operative Bank today saying they are doing all electronic bill/standing order payments faster from 1.1.2012, with a view for them to arrive by end of play the next business day.

BACS is no longer provided from then....

@ present some payments take 3 working days. When I check the recipients account it doesn't accept faster payments. Will all inbound bank accounts have to be upgraded to accept faster payments ???