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Faster Payments

Does anyone know whether there is a definitive, up-to-date list of institutions sending/receiving Faster Payments? The APACS list seem very out of date (where's Tesco? YBS?...). I know there's also a sort code checker, but what if you don't know the sort code of a bank you're considering?

Comments

  • Biggles
    Biggles Posts: 8,209 Forumite
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    G_M wrote: »
    Does anyone know whether there is a definitive, up-to-date list of institutions sending/receiving Faster Payments? The APACS list seem very out of date (where's Tesco? YBS?...).
    That could be to do with the fact that Tesco and YBS aren't banks.....
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Who said anything about banks?
  • Milarky
    Milarky Posts: 6,356 Forumite
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    If you don't know the sort code how do you expect to send any kind of payment?
    .....under construction.... COVID is a [discontinued] scam
  • ahai1
    ahai1 Posts: 1,589 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Tesco do accept faster payments. It does not matter whether they are a bank or not as faster payments are between accounts.

    There is not much point in conducting a faster payment search unless you know the sort code as it works on the sort code.

    For the record if you were to search any sort code no matter whether it was a bank, building society, credit union or anything else with a sort code it will tell you whether it accepts faster payments or not.

    The payments system is operated by anyone giving out a account with a sort code not just banks.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    G_M wrote: »
    Who said anything about banks?
    APACS did: 'Below is a list of the banks that are currently sending and receiving Faster Payments........'.

    Only banks (and a very few BSs) have sort codes. Tesco and YBS both use the clearing facilities of the NatWest group.
  • Reaper
    Reaper Posts: 7,356 Forumite
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    A list of faster payment banks can be found here. It was being kept up to date although I don't know whether it still is.
  • rb10
    rb10 Posts: 6,334 Forumite
    Reaper wrote: »
    A list of faster payment banks can be found here. It was being kept up to date although I don't know whether it still is.

    Doesn't seem to be all that up to date.

    It doesn't mention Halifax being able to send them at all.

    It claims that HSBC can send them, as far as I know this is only for immediate payments, and they can't do standing orders yet.

    It says that Nationwide can't send or receive at all, whereas they do have one sort code (for Flexaccounts opened recently) where they do support it.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Thanks for the responses.
    I deliberately used the word 'institutions' so as to include the likes of Tesco.
    I also deliberately said "what if you don't know the sort code of a bank you're considering?" to explain why I might not know the sort code.

    The conclusion seems to be that the only way to check (before opening an account) is to ask the institution you are considering whether they use FP, and then either believe them or ask for their sort code and do a check.
  • jayson
    jayson Posts: 20 Forumite
    does anyone know how long it takes to set up a standing order with lloyds or hsbc online.....and what is the limit of amont?
    could this be a better way around to sending a faster payment without the aggro ?
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