Standing Orders - BACS or Faster Payments?

EarthBoy

jonnygee2 wrote: »

.

I'm very aware of the scheme spec. But go and send one to someone and see how long it takes - you'll find in practice they are pretty much all instant :-)

Certainly not 'next business day', anyway.

Payments from Yorkshire Building Society accounts are never instant, they always arrive the next day, -although in my experience this includes weekends, not just business/working days.

Armorica

Standing Orders - at least for personal customers - should all be Faster Payments. They are usually submitted by 6am and will arrive promptly at the beneficiary.

However - the issue you describe is likely to reflect how Barclays set up in their systems.

And it's common to need to leave an extra day sometimes when paying a non-bank account. Such as a credit card or a utility. These can take another day to update their systems properly.

There are also variations with smaller banks / banks who aren't FPS members.

agrinnall

There is no "should" about it: the only method of sending Standing Orders is via the Faster Payments System (although if it's a payment within the same Financial Institution then it may be set up as an SO but will actually be processed as an internal transfer). SO transmission is done in batches in the early hours of the morning of the day payment is scheduled to arrive, although the batches are likely to have been created by the sending FI on the previous day, although the debit date should still be the next day - if the FI is not a full member of FPS then they may have to create the SOs a day earlier still in order to get them to the intermediary in time for them to meet the SO deadline.