Monese payments to bank account advice.

Ballard

pmduk wrote: »

This, [the existence of a third party partner] could be the problem, at the very least it adds another point of the journey at which delays could occur.

Monese are an agency bank and as such won't have a direct connection into the FP system. Instead, they will be assigned a sort code and this will direct the payment through their account at another bank. They will upload (and download) batches to their bank at the specified times.

Out of curiosity I had a quick look at their website and the only correspondent bank that I found is in Estonia. This was on a question about paying funds into the account from overseas so perhaps they also have an account in the UK. If they haven't then banking on Estonian holidays would be tricky.

agrinnall

rich_shot2003 wrote: »

I understand that now it's just I always thought that it's same day if sent by faster payments.

It usually is, and is usually within 2 hours, I don't know the percentage that are completed same day but I'd expect it to be over 90%. As pmduk suggests and Ballard expands on the fact that they are an Agency bank may mean that it'll always take longer, and it's possible that it is always next day. I think the Estonian bank mentioned by Ballard is a red herring in this case as only UK banks can be members of the Faster Payments System, unless they route to a UK bank via Estonia (but that seems unlikely).

Ballard

agrinnall wrote: »

It usually is, and is usually within 2 hours, I don't know the percentage that are completed same day but I'd expect it to be over 90%. As pmduk suggests and Ballard expands on the fact that they are an Agency bank may mean that it'll always take longer, and it's possible that it is always next day. I think the Estonian bank mentioned by Ballard is a red herring in this case as only UK banks can be members of the Faster Payments System, unless they route to a UK bank via Estonia (but that seems unlikely).

The reason that I've suggested that they may only have an Estonian GBP correspondent is that that's the only bank mentioned on the website. There seems little reason to have an additional GBP correspondent solely for use outside of the UK. That might be the case but it doesn't make any sense.

When agency banks are assigned sort codes they have a nominated account to which all payments are routed. This would normally be with a clearer but if they don't have their own then it's not impossible that there is an agreement in place for Monese to use the Estonian bank's account with their clearer. It seems unlikely and I'm certainly not saying that this is what's happening; I'm merely saying that technically it's a possibility. As you point out, the Estonian bank will not have access to FPs.

There are only two entries for FPs over the bank's account each day so the Estonian bank wouldn't have much work to do to debit and credit Monese's account on a daily basis. Monese would, however, need to be sponsored into FPs by a clearer and it's this that's making me think that piggybacking an account is less likely.

Most of the FPs should still be posted the same day. The cut off times will be earlier than for the clearers but there's no reason why those up/downloaded each day aren't processed immediately. At my last place we always gave good value for receipts even for those where we were unaware of until the following day.