Faster Payments System FPS - Current state of play

Twister84

The Faster Payments Service will be available in RBS branches soon

realaledrinker

According to the Co-op internal Intranet, all sort codes are enabled for FP both in & out, but outbound limits still derisory as per your OP.

simax

simax wrote: »

So, are we 100% sure on this? I've just moved to LTSB and have set up a SO for the ex wife who banks with Natwest. Was told it was OK and FP will work on it - might be worth clarifying this with them later on....

Update - SO's went out by FP overnight - were in Natwest account next morning. Result!

gizmo111

Aqua credit card are accepting FP

realaledrinker

Another update from Co-op intranet

MBNA will be enabled for faster payments by the end of March 2009

Outbound payment minimal value restrictions will be lifted once 'two factor authentication' (those calculator-like thingys) has been substantially rolled out - late spring 2009. Seems a sensible fraud precaution to me.

Blenheim_2

So far I've spoken to Coop customer services three times to try and find out if my sort code has been enabled for outbound faster payments. (As directed so to do on the Coop website). The responses have been somewhat varied :

1. Yes - no limits in place. (Subsequent attempt to send a small test amount to an unrelated account took 3 days).

2. We have delayed the implementation of the faster payments service until April.

3. Yes - the limit is currently £5000, authorisation is required above that.

DesG

How much was the test amount? And did you check the receiver was FPS enabled?

The limits are currently listed in the first post, I havn't heard anything that changes that. As realaledrinker says it will be a while until the limits are lifted.

Cheers, Des.

Blenheim_2

Amount was just £0.01, the receiving account is FPS enabled.

I've just tried another payment of the same amount, will have to wait for the recipent to check for me later.

Update

Payment of £0.01 showing as recieved in recipient account today (4th March).

realaledrinker

All Co-op branch sort codes are enabled for inbound/outbound but outbound limits are £25 for Standing Orders & £85 for direct bill payments. Once two factor authentication has been substantially rolled out, these limits will be substantially increased.

Just tried a £30 payment from smile to A&L - arrived in about 5 minutes.

DesG

Updated first post with increased limits on A&L business accounts for online FPS, now £250.

Cheers, Des.