Payment Services Directive effect from 1 January 2012

Legacy_user

Do any of the bank staff who post here know what the main effects will be of the 1 January 2012 deadline for payments to arrive within 24 hours?
For UK domestic payments, will all banks and building societies have to offer Faster Payments, and will BACS credit transfers be phased out?
Will all UK banks and bs have to send and receive SEPA Credit Transfers for payments in euro within the SEPA?
Will all UK banks and bs have to offer a 24-hour means of transferring GBP within the EEA? If so, what is this going to be, since the legacy, comically misnamed, 'SWIFT' system can't do this, can it?

opinions4u

YoungNick wrote: »

For UK domestic payments, will all banks and building societies have to offer Faster Payments, and will BACS credit transfers be phased out?

Looks like it. The requirement is that the payment is received by the end of the following working day. BACS isn't that cleaver. FP and CHAPS are cleverer. I'm not aware of any other solution being developed.

Will all UK banks and bs have to send and receive SEPA Credit Transfers for payments in euro within the SEPA?

Not sure.

Will all UK banks and bs have to offer a 24-hour means of transferring GBP within the EEA?

End of the following working day, rather than 24 hours, IIRC.

If so, what is this going to be, since the legacy, comically misnamed, 'SWIFT' system can't do this, can it?

It has done for me the last two times I've used it. In fact the payment to Germany got there faster than a payment to a bank just round the corner when FP failed!