Faster Payments

System

YorkshireBoy wrote: »

I think Heng Leng was referring to the likes of Halifax and A&L, who most definitely DO operate a '4 day' cycle at the moment.

Actioning a payment request from either of the above at 6.00am on Monday will mean the money arrives with the recipient on Thursday, whereas with almost all other providers the money would arrive on Wednesday - ie the standard '3 day' cycle.

Yes, that's what i meant

Bank of Scotland operate a 3 days cycle on their Internet HOBS service, then when they integrated with Halifax - they moved the personal customers over to Halifax's internet banking/systems. The BACS payments take 4 days now. Needless to say, they were ditched.

I wonder if they will add an extra day with the fast payments as they "are not a clearing bank" :rolleyes:

RichardJohn_2

Clearing time: Instant + 1 day

smithja

It is not a 4 day cycle, it is a legacy issue from when they were Building Societies and used to have to have their own "real" bank to use BACS, which meant having the money paid in to a suspense account with a reference number and then another day was taken for the computer to run through the reference numbers match them up and allocate that money to the account with that reference (or roll number as they are called), hence the extra day although again it could have been done on the same day if the Halifax or A&L would update their computer systems but that costs money. I dont know if you recall say Halifax using it might have been RBS or Barclays (or another Bank registered with the Bank of England as a Clearing Bank), when you needed to quote one of that banks sort codes, account numbers, and then your Halifax roll number in a different field. Building Societies still work using this system such as the Yorkshire Building Society they use NatWest. James

Milarky

Just to clarify about Halifax and A&L - I know A&L takes an extra day simply for the payment to leave your account (i.e. you earn interest for one 'extra' day also) but the actual transfer still takes 2 days. I assume Halifax waits a day to move also?

Nationwide used to be '4' day like this (until 2004) and is now '3' day standard. Before it changed, though, I would use my Egg Savings account to instantly credit (via debit card) and then make a 'same day' transfer - thus rendering a '4' day account into a '3' day one. The same method would work with the other accounts mentioned I'm pretty sure (i.e. deposits 'clear' instantly too so onward payment is allowed) And there is 'bonus' in the case of both those banks - which is that the payment won't leave the current account for one working day - and so you can gain a day's interest on the amount you send AND it arrives a day earlier!

Mikeyorks

Milarky wrote: »

I assume Halifax waits a day to move also?

They do. Initiated Day 1 .... removed from account next day following overnight Batch runs.