Faster Payments - Money did not reach the other account same day

agrinnall

MDD wrote: »

Morning Nice Day here in the UK.

Another grey area.

How does the Faster Payment Service work?

www.
ukpayments.org.uk/faster_payments_service/how_does_the_faster_payment_service_work/

If you look at,

7. Once the receiving bank has received the transaction, it will check that it’s for a valid account, and will send a message back to the Faster Payments Service that it has accepted the payment. Or indeed, that it has rejected the payment.

"So the Faster Payment Service would know."

Benefits for customers

www.
ukpayments.org.uk/faster_payments_service/what_are_the_benefits_for_customers/

"It allows customers to make near real-time payments over the phone or through online banking all day, every day. It can also be used to make quicker standing order payments on bank working days."

So maybe you could contact the Faster Payment Service (wherever they are) and put a trace on the transfer.


There will probably be the "under maintenance response" or some unknown situation in the small print.

Despite being told repeatedly how the Faster Payments system works in your other thread you appear not to have learned anything. There is no "Faster Payments Service" that you can contact. The "service" is whatever each Financial Institution (FI) has implemented in order to provide the Faster Payments process. There is a central switching system but it makes no decisions on what happens to payments, that is entirely done by the transmitting and receiving FIs.

jen245

pmduk wrote: »

I see your point, but it's the classic 'all of your eggs in one basket situation.' I deliberately leave at least one card at home. That way, should I lose my wallet/have it stolen, I can access cash in the interim until I receive a replacement.

Thats fine if you have money in all of your accounts. OP didnt have any money in the account they were carrying the card for

Dr_Cuckoo3

There was a problem with faster payments to and from Barclays on the day in question , I transferred funds to my Barclays account on this date from HSBC and receipt was delayed by more than two hours (the payment took longer than two hours to appear on my Barclays statement - although they had received the funds from HSBC instantly)

Barclays log in page mentioned that there was a problem

The rest of the posts on this tread are irrelevant to this particular transaction and are a general discussion on how faster payments work

In this case the payment was delayed due to technical problems at Barclays

MDD_2

agrinnall wrote: »

Despite being told repeatedly how the Faster Payments system works in your other thread you appear not to have learned anything. There is no "Faster Payments Service" that you can contact. The "service" is whatever each Financial Institution (FI) has implemented in order to provide the Faster Payments process. There is a central switching system but it makes no decisions on what happens to payments, that is entirely done by the transmitting and receiving FIs.

Yes I do like to learn.

The author of this thread said, "Who is responsible for this - the issuing bank or the receiving bank?"

The web site below ( I am not allowed links),
www.
chapsco.co.uk/chaps_company/-/page/335/
says,

"Introduction
CHAPS Co processes and settles both systemically-important and time-dependent payments through its two payment schemes: CHAPS Sterling and Faster Payments."

7. Once the receiving bank has received the transaction, it will check that it’s for a valid account, and will send a message back to the Faster Payments Service that it has accepted the payment. Or indeed, that it has rejected the payment.

To my mind it means that some sort of acknowledgement is sent back to the Faster Payment Service. If Faster Payment Service is the sending bank then the sending bank would be able to inform the customer of the time and status of the transfer.

SAK45

:(:(:(:(:( My faster payment of £300 from Natwest to Barclays has still not been received by Barclays. No one can help me, i've been on several phone calls from one bank to another.

I've been doing online banking for years. I've been transferring money for years, so yesterday the money should've been showing on the same day of transaction, no sign of it. I even have a faster payment reference number, I now have to get proof on Monday from Natwest to show Barclays, this is such a nuisance.

All this inconvenience and it isn't even my fault DAMN!!!!!!

tellmeitsfriday

(Normally) when payments fail to go through FP (for whatever reason) it will revert to BACS and take the standard 3 working days

SAK45

tellmeitsfriday wrote: »

(Normally) when payments fail to go through FP (for whatever reason) it will revert to BACS and take the standard 3 working days

I hope that's true, no one mentioned that during all those calls I made. Honestly it was like banging my head against a brick wall!!!!!!

Dr_Cuckoo3

tellmeitsfriday wrote: »

(Normally) when payments fail to go through FP (for whatever reason) it will revert to BACS and take the standard 3 working days

Thats what "normally?" happens , however in this case Barclays experienced technical difficulties on 17/18 March 2011

The funds were accepted by Barclays but not allocated to the balance within the normal timescale :eek:

I appreciate that you are chatting about faster payments in general and not the specific problems of 17/18 March 2011 in respect of payments to/from Barclays




Nat West internet banking displays payment statuses for the last few days payments

Nat_West wrote:

"Recent Payment List

Any single payments you have made in the past 3 business days will be shown here. Other previous payments can be viewed within Statements.

Items shown with today's date are subject to confirmation and could be reversed from your account

Status Actioned Payment information The payment has been received by the payee’s bank"