So I've not been paid?

jonesMUFCforever

Lets just agree to disagree - IMO your info is slightly out of date.

Hazzanet

jonesMUFCforever wrote: »

Lets just agree to disagree - IMO your info is slightly out of date.

http://www.paymentscouncil.org.uk/files/payments_council/statistical_publications/monthly_clearing_statistics_feb_2013.pdf

Feb 2013:

BACS Direct Credits: Volume: 166,700,000; Value: £225,066,000,000
Faster Payments: Volume: 71,456,000; Value: £53,667,000,000

That's pretty up to date

jonesMUFCforever

BACS direct credits is not the same as the old BACS which used to take 3 days for processing.

Hazzanet

jonesMUFCforever wrote: »

BACS direct credits is not the same as the old BACS which used to take 3 days for processing.

The debit and credit occur on the same day with BACS direct credit, however the instruction needs to be put in to BACS around two days in advance.

BACS 'bill' payments which were the forerunner to Faster Payments went through the same 'direct credit' infrastructure, but the banks held the money in a suspense account for an extra 'float' day which was the 'BACS processing day'.

Many companies still use BACS Direct Credit for 'structured' or 'cascading' payments such as payroll, benefits etc; it hasn't been phased out, or superseded. BACS payments have more or less died out in the personal account sector, primarily to meet the requirements of the PSD.

To mirror Mulronie's comment, I pay pennies for a single payment line on a BACS Direct Credit, and pounds for a Faster Payment.

mulronie

jonesMUFCforever wrote: »

BACS direct credits is not the same as the old BACS which used to take 3 days for processing.

Yes it is. BACS hasn't changed in years. What has changed is the Payment Services Regulations now mean the 3 day cycle is no longer appropriate for consumers - as such all consumer traffic has been pushed to FPS instead.

Here's the cycle that Hazzanet will see from the corporate initiation side, which has been the case for donkeys' years:

Monday
- Organisation submits a file to BACS containing anywhere from 1 to thousands of payments

Tuesday
- Various numbers are crunched in the BACS engine - this is the "processing day"

Wednesday
- Organisation sees the debit to their account
- Recipient(s) see the credit(s) to their account(s)

This is PSD compliant because the debit/credit happens the same day - you can see it's actually just a forward-dated payment, initiated on a Monday but not processed until Wednesday.

Pre-PSD, the only way banks could make BACS work for consumer payments was to physically debit their accounts on Monday - the actual funds transfer still would not happen until Wednesday. This is not PSD compliant so BACS is no longer suitable for consumers.

I like to think I know what I'm on about because I work with this day in/day out. There's probably a good chance I've met Hazzanet in a meeting at some point and bored him/her stiff on this same topic :rotfl:

Hazzanet

mulronie wrote: »

I like to think I know what I'm on about because I work with this day in/day out. There's probably a good chance I've met Hazzanet in a meeting at some point and bored him/her stiff on this same topic :rotfl:

BACS Affiliate too then?

Paul_01

jonesMUFCforever wrote: »

BACS direct credits is not the same as the old BACS which used to take 3 days for processing.

A little knowledge can be a dangerous thing.

Time to accept defeat on this one Jonesy. Hazzanet and Mulronie seem to have an excellent working knowledge as to how BACS works.

Great info guys!