Standing Orders by Faster Payments?

withnell

Which banks are currently sending standing orders by faster payments?

There's lots of information on which banks do one-off payments, but not much on scheduled!

SalsaDanca

Barclays have been sending standing orders by faster payments since December last year.

System

NatWest do.

UNDERGROUND

rb10

Halifax started sending standing orders by FP during October 2008.

ShelfStacker_3

RBS and NatWest. HSBC and First Direct are saying June, allegedly, although I'd take that with a pinch of salt.

willo65

ShelfStacker wrote: »

RBS and NatWest. HSBC and First Direct are saying June, allegedly, although I'd take that with a pinch of salt.

Nope, RBS and Natwest started last June - not sure about hsbc though

damien2

Some banks have joined it but it goes more on sortcodes, we have a sort code checker at work which will tell us if theyre on faster payments or not, some banks have half theyre sort codes on faster payments and the other half waiting to move to faster payments. It was all supposed to be sorted last year but nothing goes to plan ever!lol, if youre wanting to know if the sort codes are faster payments your branch should be able to tell you before you make the transfer.

rb10

damien2 wrote: »

Some banks have joined it but it goes more on sortcodes, we have a sort code checker at work which will tell us if theyre on faster payments or not

This one?

damien2

sorry just re-read the post, I was under the impression that Standing Orders were still the same ( a few days to transfer) and faster payments was just for immediate payments only, if anyone has any info please let me no as I'm now confused!

damien2

yes rb10, I didnt know you could access it online, thanks

Mikeyorks

It's a bit unclear with any of them just what they are doing. Even where they say they're utilising FP against SOs ..... there's no guarantee that's up to the full system limit of £100k.

The latest APACS etc figures for Apr 09 show that 15.4M SOs went via BACS .......... as opposed to 12.0M via FP. So - they've made inroads, but there's a way to go. Particularly (same stats / same month) that single immediate payments via FP only totalled 7.66M ..... which really shows the feet dragging a lot of the Banks are indulging in.

Mind you I'm a bit unsure who has all these SOs ..... not one set up on my accounts. But - I do contribute to the 264.6M DDs in the month.

http://www.apacs.org.uk/resources_publications/documents/cs04_09.pdf