The future?

RandomUser923759

Do we reckon we will ever see a time when pending is a thing of the past and transactions clear 24/7 365?

RG2015

mrchrisbrogan wrote: »

Do we reckon we will ever see a time when pending is a thing of the past and transactions clear 24/7 365?

This is really an IT question and for this to work it would come at a cost hence is also an economic question. At the end of the day banking customers would have to pay for it.

Would you be willing to pay more for a system that was real-time 24/7 instead of taking a day or two to clear?

YorkshireBoy

"Pending" as in debit card transactions?

I'm happy for the cash in my high interest current account(s) to be earning interest for the period in question.

I would imagine those spending from an overdraft position would feel the same (being as they're not being charged debit interest for the period in question).

RG2015

YorkshireBoy wrote: »

"Pending" as in debit card transactions?

Or credit card transactions which would be of more use to me.

Incidentally, NatWest now list out all pending credit card transactions on their mobile app.

18cc

Not relevent to credit card payments, but Starling Bank debit card payments show super-instantly, even when abroad.

Herbalus

18cc wrote: »

Not relevent to credit card payments, but Starling Bank debit card payments show super-instantly, even when abroad.

My Amex app pings to let me know each time it is used. Sometimes even before the card terminal has finished thinking.

PixelPound

Remember when payments used to take days, and now you have faster payments taking minutes or maybe an hour or so. I bet at that time someone asked a similar question about payments going across on the same day.

The answer is yes, because it's the way things are going. We have mobile banking where checking/controlling accounts can be done anywhere. The need for instant transactions for everything will become more needed, especially in an increasingly cashless society.. Give someone money instantly by tapping your phone/watch/finger onto their device whether that be an individual or a retail establishment and both sides to be able to instantly check its completed. Take something back to a shop and be refunded instantly, do a job at a customers house and have payment cleared into your account before you leave the premises.

sausage_time

Any place that accepts payments that has on-line access could be real time today. I look forward to when all concluded transactions are real time.

There will always be exceptions, for example Oyster where they may take a pending payment until the system knows your movements for the rest of the period. Another exception I can think of is hotel and car hire companies holding a payment pending the final settlement.