Faster payments?

BlondBoy

Hi all

Just wondered if any of the many in the know here has an idea yet of how the upcoming Fast Payments system is going to work in practice.

Had an interesting nose around here: http://www.fastpayments.co.uk/ so that's the principles sorted out. But wonder if anyone has more detail on things like:
Who's going to offer the service (and who's not!)
What sort of charge we'll be looking at for using the service as consumers
Will all accounts types be able to use them ie basic, full current, savings etc
Any potential practical drawbacks or resulting changes to bank T&Cs.

I guess much will still be quite commercially sensitive and still under discussion, but as it's scheduled to start in just a few months, thought these details may have started doing the informal rounds by now.

Thanks in advance



Chris

gt94sss2

Have you read the FAQ page on that site?

'Ten banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank) have committed to implement the scheme. Between them they represent 95% of the payments made in the UK. The other banks and building societies will be making decisions on how, when and if to join the scheme over the next year or so.'

I suspect that the service will be 'free' to the consumer - as is the current BACS system and will be available for all the accounts which currently use BACS.

Regards
Sunil

BlondBoy

gt94sss2 wrote: »

Have you read the FAQ page on that site?

'Ten banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank) have committed to implement the scheme. Between them they represent 95% of the payments made in the UK. The other banks and building societies will be making decisions on how, when and if to join the scheme over the next year or so.'

I suspect that the service will be 'free' to the consumer - as is the current BACS system and will be available for all the accounts which currently use BACS.

Regards
Sunil

Cheers Sunil

gt94sss2 wrote: »

'Ten banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank) have committed to implement the scheme. Between them they represent 95% of the payments made in the UK. The other banks and building societies will be making decisions on how, when and if to join the scheme over the next year or so.'

It's said that for almost a year already! Just wondered, as we're coming closer to the proposed starting date if there was any more detail floating about.

Thanks for the point about BACS - see what you're saying. But wouldn't be surprised if the banks saw it as an opportunity to present it as a 'value added' service and charge for it. Move money in three days - free. Move it instantly - fee.

Just seems to me it's quite quiet in terms of implementation of such a major initiative, that's all. And I'm nosy!



Chris

gt94sss2

Its still 5 months from launch - so I suspect that any publicity want start for another 2/3 months - otherwise people will forget what they are told.. - certainly I haven't seen much since this press release in February.

While its a major initiative for the banks, I don't think the general public will see it that way but will instead say 'about time'

My own view is that the banks will dump the older system - it doesn't make sense to run two systems doing the same thing.

Whether it (along with lower bank charges etc) makes annual fees for banks accounts more likely is another question..

Regards
Sunil

Biggles

gt94sss2 wrote: »

I suspect that the service will be 'free' to the consumer - as is the current BACS system and will be available for all the accounts which currently use BACS.

The (indirect) use of the BACS system by personal banking customers is presently free. But the (usually direct) use of the BACS system by business customers has always been chargeable, though IIRC it was only a very few pence per credit.

I can't imagine decisions haven't already been taken on whether personal and/or business banking customers will be charged for the new system; if so, it would be nice to know....