Co-operative Bank Payment not arrived nearly a day later

jonnygee2

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 faster payment scheme is very specific (and strict!) that the scheme must be available 24/7 and there must be a stand in procedure for periods of unavailability. When a provider is unavailable they have to notify the scheme. They absolutely cannot just 'switch it off at the weekend'!!!

That would create, literally, chaos. When one of the banks FPS systems goes down for just five minutes or so, it creates a backlog on the customer service desk of every other bank so large that it can take several hours to clear it.

polymaff

jonnygee2 wrote: »

Not sure where you have got this info from,

"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/how-long-do-faster-payments-take


As others have pointed out, your counter-quote isn't as absolute as you believe it to be - plus it doesn't address the OP's issue. Like the man said - Stop Digging !

colsten

jonnygee2 wrote: »

The faster payment scheme is very specific (and strict!) that the scheme must be available 24/7 and there must be a stand in procedure for periods of unavailability. When a provider is unavailable they have to notify the scheme. They absolutely cannot just 'switch it off at the weekend'!!!

That would create, literally, chaos. When one of the banks FPS systems goes down for just five minutes or so, it creates a backlog on the customer service desk of every other bank so large that it can take several hours to clear it.

Notifying the FP system operations, the industry, and most importantly their own customers, of any planned outage is a given. If the FP system hasn't been designed with outages - planned as well as unplanned, that would be a rather fundamental flaw. We have had lots of severe outages (TSB, Natwest etc) since FP came into operation 10+ years ago. Of course backlog takes some time to clear but I have no idea what this has to do with your assertion that the PSD regulation on payment timescales doesn't apply.

jonnygee2

As others have pointed out, your counter-quote isn't as absolute as you believe it to be - plus it doesn't address the OP's issue.

I think it perfectly addresses the OPs issue because they could have, by now, phoned up the bank and had the payment credited.

Instead they may be pointlessly waiting for the PSD payment window to expire, based on a complete misunderstanding about the relationship between PSD and the faster payments system.

The payment is stuck. The fix is easy and (hopefully) a common task well known to everyone who works in banking customer service.

jonnygee2

Of course backlog takes some time to clear but I have no idea what this has to do with your assertion that the PSD regulation on payment timescales doesn't apply.

Because they don't apply, was my point. You said 'The PSD regulation gives the banks the option to switch off their Faster Payments Processing at the weekend'. This is factually incorrect, it is the Faster Payment Scheme rules which tell banks when, and how, they can put their FPS system into maintenance.

And more pertinently to the OP, under the scheme rules they would have been informed prior to making the payment, and the payment would have had to have been processed whenever the system became live again, not on the 'next working day'.

BoGoF

Gee jonny give it up. I'm willing to bet op's money arrived today without any phone calls to their bank.