faster payments

realaledrinker

TRaven wrote: »

Because even though FP is available 7 days a week the banks operate on a basis of five business days in a week and transactions on a Saturday and Sunday are considered to actually taken place on Monday. So any transaction today or tommorrow will show up as taking place on the 11th.Try it Monday to Friday and you will likely find it gets processed same day.
As far as I can see if you did let it go through on the 11th it will likely leave the account immediately since to the bank it is already the 11th

Well yes & no. A FP made on a Saturday is cleared funds & could be withdrawn by ATM or sent on by FP to a third bank, for example. However, as the UK payment system works on banking days only, any transaction made on a non-banking day will be redated to the next banking day. The three transactions in my example would be redated Monday or, if a this was a bank holiday, the next banking day.