Tesco Faster Payments 'down'

ColdIron

Tesco are having problems with faster payments this morning. I make about 12 standing orders on the first of the month and none of them have arrived. Two subsequent payments from my Internet Saver have also yet to appear. @tescobankhelp on twitter say payments are taking longer than usual and have no definitive timescale as to when these payments will go through. Customer services say their faster payments are 'down' and it is being investigated

Just a heads up

WillPS

Faster payments are taking a little longer than expected to process this morning. Please be assured that payments will be processed. We’re sorry for the inconvenience.

This is the wording used by their customer department on Twitter - and is typical of the sort of sloppy language deployed by that team. Payments at this stage are taking triple the expected 2 hours. That isn't "a little".

Incidentally, Tesco are now the only account I have where Faster Payments are not immediate. Natwest payments used to be the same but now they appear to be immediate too.

colsten

WillPS wrote: »

Incidentally, Tesco are now the only account I have were Faster Payments are not immediate.

Tesco aren't an account but a financial institution. They are far from the only one who don't process Faster Payments instantly. Remember that the definition of Faster Payment is still that your payment will arrive - subject to passing any security etc checks - by the end of the next working day. A whole lot of smaller banks and Building Societies typically operate on a slower turnaround than Tesco does. If Tesco are too slow for your liking, you are free to move to a different organisation. Personally, I still value the interest Tesco pay me on my current accounts far too much to leave them, and I still occasionally use one or two of their savings accounts. I love that they recognise payees across all accounts as that means I only have to set up a payee once.

SnowTiger

Tesco Bank isn't 'directly connected' to the Faster Payments service.

Meaning, presumably, it uses an intermediary which introduces an additional opportunity for blockages.

That probably explains why Faster Payments sent from or to a Tesco Bank account are sluggish.

Having said that, Co-operative Bank is 'directly connected participant' and also offers a sluggish Faster Payment experience.

eskbanker

SnowTiger wrote: »

Tesco Bank isn't 'directly connected' to the Faster Payments service.

Meaning, presumably, it uses an intermediary which introduces an additional opportunity for blockages.

That probably explains why Faster Payments sent from or to a Tesco Bank account are sluggish.

Having said that, Co-operative Bank is 'directly connected participant' and also offers a sluggish Faster Payment experience.

Personally I'm unconvinced about the accuracy of that published list of direct participants, unless (omitted) major players such as RBS (unlike NatWest) and Halifax/BoS (unlike Lloyds) really aren't directly connected!

WillPS

colsten wrote: »

Tesco aren't an account but a financial institution. They are far from the only one who don't process Faster Payments instantly. Remember that the definition of Faster Payment is still that your payment will arrive - subject to passing any security etc checks - by the end of the next working day. A whole lot of smaller banks and Building Societies typically operate on a slower turnaround than Tesco does. If Tesco are too slow for your liking, you are free to move to a different organisation. Personally, I still value the interest Tesco pay me on my current accounts far too much to leave them, and I still occasionally use one or two of their savings accounts. I love that they recognise payees across all accounts as that means I only have to set up a payee once.

I'm not complaining (about that), just remarking.

Apologies for the wording, I'm glad you understood what I meant regardless.

I forgot about Co-op, I do actually still have a Smile account with a few pence in it. I stopped using them day-to-day when they stopped being owned by the Co-op.

mofopants

glad you posted this

i transferred money from hubbys account to my tesco account this morning and the money still hasn't arrived

scottishbank

WillPS wrote: »

I stopped using them day-to-day when they stopped being owned by the Co-op.

Are you sure they are not owned by Co-op? Their websites says: 'smile, Britannia and The Co‑operative Bank are trading names of The Co‑operative Bank plc'.
Going back to the main topic I am also waiting for few payments in since this morning...

Motormad

I was waiting on the phone to tesco to query the delayed payment when I clicked on MSE and saw they were having problems.I was able to close an old internet saver so it wasn't a waste of time completely.

agrinnall

eskbanker wrote: »

Personally I'm unconvinced about the accuracy of that published list of direct participants, unless (omitted) major players such as RBS (unlike NatWest) and Halifax/BoS (unlike Lloyds) really aren't directly connected!

The change to those logos, rather than a list of participants, has been a backward step. As you say, it certainly is incomplete, I know for sure that RBS is directly connected as my team was responsible for implementing the software that does the connecting 10 years ago.

eskbanker

agrinnall wrote: »

The change to those logos, rather than a list of participants, has been a backward step. As you say, it certainly is incomplete, I know for sure that RBS is directly connected as my team was responsible for implementing the software that does the connecting 10 years ago.

The archived January 2018 version of the page at https://web.archive.org/web/20180128095043/http://www.fasterpayments.org.uk/directly-connected-participants does include RBS (in logo form!) so it would appear that they've dropped off the published list sometime this year, presumably inadvertently....

http://www.fasterpayments.org.uk/our-achievements states that TSB joined the list in 2017 but they're also not showing, although I could believe that the Sabadell IT fiasco may have taken them back out of direct participation!