I'm due a FPS payment today and it hasn't gone in.

williewonder

A FPS is a full payment submission. Is this because today is regarded as a bank holiday?

[Deleted User]

A Faster Payment Service is most likely not going to happen on a Bank Holiday, it'll probably happen tomorrow.

Daliah

Faster payments happen 24 x 7. Unless there’s a problem with an indiviual company’s system - e.g. Nationwide had some outage just last week.

Dazed_and_C0nfused

A Full Payment Submission is the method employers and pension payers use to notify HMRC of taxable wages/pensions.

It would be down to your employer to decide what day the actual payment is made but I wouldn't expect wages (or a pension) to be paid on a Bank Holiday.

mab3000

 They have probably made a future dated faster payment, in which case it will be processed the next working day if they set it to pay today. 

Had they just made a Payment today to be paid immediately it would have got to you today, although the statement date would have been the next working day. 

Dazed_and_C0nfused

Do many employers actually pay wages by faster payments?

Don't most still use BACS?

MovingForwards

Dazed_and_C0nfused said:

Do many employers actually pay wages by faster payments?

Don't most still use BACS?

My employer uses FP, first one I've worked at who does.

RG2015

Dazed_and_C0nfused said:

Do many employers actually pay wages by faster payments?

Don't most still use BACS?

When I managed finances for a large employer, salaries were paid using a third party, Centrefile, through the BACS system.

However, when errors occurred, single payments were made by faster payments to avoid the delays of BACS payments 

born_again

Never had that issue. When payday falls on a Public Holiday I always get paid the last working day before. 

Ballard

Daliah said:

Faster payments happen 24 x 7. Unless there’s a problem with an indiviual company’s system - e.g. Nationwide had some outage just last week.

Is this correct? I thought that the funds had to arrive by close of business the next working day. 

eskbanker

Ballard said:

Daliah said:

Faster payments happen 24 x 7. Unless there’s a problem with an indiviual company’s system - e.g. Nationwide had some outage just last week.

Is this correct? I thought that the funds had to arrive by close of business the next working day. 

I think the point is that the faster payments infrastructure is available 24/7 even though it's effectively a two-tier facility, where direct participants can execute these practically instantaneously at all times while other institutions aren't able to offer this (but must still meet the worst-case 'end of next business day' deadline you refer to).