MSE News: EU overhaul leads to faster electronic payments

pqrdef

pfpf wrote: »

i paid via a debit card to my Amazon credit card on Sunday and theres still no sign of the payment on my statement.

would i have to send the payment from bank to CC instead to get the new FP timescale?

You can't exactly pay by debit card - you can only give the CC company your card details and ask them to take a payment as and when it suits their convenience.

If you pay by FP, you set the wheels in motion at bank level, but the directive only says when the money must reach the CC company's collection account at their bank. How long it then takes the CC company to process the payment is between them and you and their T&C. Your CC account isn't a bank account and isn't part of the payments system.

noh

pfpf wrote: »

same question from me.

i paid via a debit card to my Amazon credit card on Sunday and theres still no sign of the payment on my statement.

would i have to send the payment from bank to CC instead to get the new FP timescale?

Expect to see it on your statement tomorrow or the day after.
From their website on the debit card payment page.

"Your payment will be completed within 2 business days unless your request is received after 5pm, on a weekend/bank holiday, or after 2.30 pm on the last business day of each month when it will take an extra business day."

NFH

pfpf wrote: »

i paid via a debit card to my Amazon credit card on Sunday and theres still no sign of the payment on my statement.

This scenario complies with Section 73(1) of the Payment Services Regulations 2009 which states "The credit value date for the payee’s payment account must be no later than the business day on which the amount of the payment transaction is credited to the account of the payee’s payment service provider". If your bank delays debiting the money from your account, then it's to your advantage; therefore the Regulations (derived from the directive) don't prohibit this scenario.