Co-operative Bank Payment not arrived nearly a day later

jonnygee2

Care to give a reference for your 'missing after 2 hours' theory.

http://www.fasterpayments.org.uk/about-us/types-of-faster-payments

"the money is usually available in the receiving customer account almost immediately, although it can sometimes take up to two hours "

BoGoF

Key word "usually".....you missed

http://www.fasterpayments.org.uk/how-long-do-faster-payments-take

jonnygee2

Key word "usually".....you missed

Not really, it says 'usually instant but can take up to two hours'. After 2 hours the messages have expired, it can no longer be sent or received, unless by some sort of reconciliation process.

The 'next working day' is the PSD regulation for all payments and nothing to do with how faster payments work.

If it has been 2 hours, the payment neither being sent nor received, and is therefore lost.

BoGoF

jonnygee2 wrote: »

Not really. After 2 hours the messages have expired, it can no longer be sent or received, unless by some sort of reconciliation process.

The 'next working day' is the PSD regulation for all payments and nothing to do with how faster payments work.

If it has been 2 hours, the payment neither being sent nor received, and is therefore lost.

Stop digging. The payment is not lost.

"Some payments will take longer, especially outside normal working hours."

The weekend is not normal working hours

mgdavid

jonnygee2 wrote: »

Not sure where you have got this info from, but a faster payment is considered lost if it has been missing for more than two hours, according to the scheme spec. ........

The scheme spec term 'missing' is irrelevant to the end-user until it's overdue.
"As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. "



http://www.fasterpayments.org.uk/faqs

and then 'How long do Faster Payments take?'

jonnygee2

Stop digging. The payment is not lost.

Faster payments are pretty simple, banks send a series of instant messages to each other to confirm the sending and arrival of a payment. The money is routed through two 'world accounts' (accounts where all faster payments for the bank) are sent through.

Technically, if a message expires, the transaction should be rejected and be refunded to the original account. But this backup process often goes wrong, and the payment gets stuck in one of the world accounts.

The PSD2 regulation really makes no difference to this, you are reading the wrong thing. That is the 'guarantee' that banks have to give for electronic payments, meaning after that time they may have to give some form of compensation. But it tells you nothing about how the faster payments system works - for that you need to read the scheme spec.

jonnygee2

In essence, though, all I am saying is that if the OP phones up the bank they should be easily able to locate the missing payment and credit it manually.

They can also wait, in which case it may or may not be manually reconciled at some point before tomorrow. The PS2D regulation says it should be, that doesn't mean it actually will be, it just means if it isn't they might get a very small amount of compensation if they make a subsequent complaint.

agrinnall

polymaff wrote: »

Indeed, I did.


Note the smiley face.

Absolutely, and I agree with what you wrote, I was just expanding on it for the OP.

colsten

The PSD regulation gives the banks the option to switch off their Faster Payments Processing at the weekend (for maintenance, for example), without breaking any law or regulation. The fact that Faster Payments usually arrive almost instantly is neither here nor there when it comes to the committed turnaround time.

colsten

jonnygee2 wrote: »

Faster payments go wrong all the time. ...... Probably happens to about 1/100,000 payments or so.

1/100,000, assuming that's indeed the failure rate, is hardly "all the time". Most people won't even make 10,000 FPs in a lifetime, let alone 100,000. Nor is there a statistical likelihood that the same person would constantly be the 'victim' of FPs gone wrong.