question about faster payment

Simba-ali34

hello,

i was just wondering whether a bank that sends a faster payment to a bank that doesnt support it would take longer to process? and what date would the receiving bank show? the date the bank sent it or the date it was received?

regards

Simba-ali

grumbler

http://www.fasterpayments.org.uk/about-us/how-faster-payments-works

Where Mike’s account is with a Faster Payment Member Bank, he should generally be able to see the credit on his account within minutes and also be able to access the funds. If Mike’s account is with a non-member of the Scheme, then it may take longer for funds to be shown on his account.

The date will be obviously when it's received.

Anthorn

In my experience a bank which supports Faster Payments doesn't send a Faster Payment to a bank which doesn't support. It goes by the usual slow boat not necessarily to or from China service.
http://www.fasterpayments.org.uk/

Ballard

I can advise that I used to work for an agency bank that didn't send faster payments but we could receive them. They were uploaded in batches three or four times a day. We gave good value to all payments received. Whether or not this is standard practice I don't know.

SnowTiger

Simba-ali34 wrote: »

hello,

i was just wondering whether a bank that sends a faster payment to a bank that doesnt support it would take longer to process? and what date would the receiving bank show? the date the bank sent it or the date it was received?

In my experience the payment would go via BACS, which takes three working days, and be dated the (working) day it was received.

YorkshireBoy

Simba-ali34 wrote: »

i was just wondering whether a bank that sends a faster payment to a bank that doesnt support it would take longer to process?

Yes, but the payment must arrive by the end of the next business day...and maybe the day after if the payment instruction was received either a) after that days cut-off, or b) on a non-working day.


Worst case scenario, a payment initiated late evening on the Thursday before Good Friday has until the following Wednesday to arrive, and still comply with the Payment Services Regulations. And that's 6 days!

YorkshireBoy

SnowTiger wrote: »

In my experience the payment would go via BACS, which takes three working days, and be dated the (working) day it was received.

I thought the only BACS option now was batch run BACS Direct Credits? And I thought they were restricted to company payroll, pensions, benefits, and business transactions?

Simba-ali34

do banks stop processing at a certain time? for example if a faster payment was sent at 5pm to a non faster payment bank would it not be processed until the next day. For example coventry bs or nationwide bs

YorkshireBoy

Simba-ali34 wrote: »

do banks stop processing at a certain time? for example if a faster payment was sent at 5pm to a non faster payment bank would it not be processed until the next day. For example coventry bs or nationwide bs

The cut-off times are set by each individual bank/BS. Your T&Cs should state what these are, or let you know you can call and ask.


Can't speak for Coventry, but Nationwide is certainly FP enabled...both in and out.

Goldiegirl

Ballard wrote: »

I can advise that I used to work for an agency bank that didn't send faster payments but we could receive them. They were uploaded in batches three or four times a day. We gave good value to all payments received. Whether or not this is standard practice I don't know.

My last job was at an agency bank, and it was similar there.

Faster payments inwards were processed once an hour, but only during office hours.

The cut off time was 4pm. Anything received after that time wouldn't be credited to the customers account until the following morning, sometime after 8am

We could do immediate Faster payments outwards, but it was a very manual process. The majority of payments outwards made by our customers was the overnight variety