Faster Payments from May 27 - confirmation from APACS

YorkshireBoy

Received a letter from FD yesterday re faster payments. From memory...

For the first week or so, payments will be restricted to £200 max.

After this (initial bed down?), their limit rises to £10K.

Seems to me that they haven't yet completed full testing?

gt94sss2

BBC article on 'Slow Start for Fast Cash Transfers' and a press release from APACS confirming that rollout of the new system will be phased in from the 27th May.. with only 5% of payments being made this way on the first day

Regards
Sunil

PBA

We had a memo about this at work today. It seems the phased approach mean not all banks are invited to join straight away, it will be a few at a time. Abbey will be part of faster payments in "late summer", whatever that means .

SuiDreams

YorkshireBoy wrote: »

Received a letter from FD yesterday re faster payments. From memory...

For the first week or so, payments will be restricted to £200 max.

After this (initial bed down?), their limit rises to £10K.

Seems to me that they haven't yet completed full testing?

Thanks for this I haven't recieved anything from FD as yet mind you our post is very slow. So assume this is from 27th May?

YorkshireBoy

SuiDreams wrote: »

Thanks for this I haven't recieved anything from FD as yet mind you our post is very slow. So assume this is from 27th May?

Haven't got the letter with me, but from memory it's 27th May for the £200 and 3rd June for the £10K.

Meltdown_2

PBA wrote: »

It seems the phased approach mean not all banks are invited to join straight away, it will be a few at a time.

And since 'faster payment' requires both the originator and receiving banks to be part of the operation, this presumably means that very few transactions will be faster from the 27 May.

roddydogs

Would a turkey vote for christmas?

Milarky

This ISN'T what it said on the tin!

Megalomaniac

I have a standing order be paid from Natwest to RBS on the first of the month. The money usually takes a couple of days and will appear in RBS generally on the 3rd of the month. However, today it seems the money has left the Natwest account and been credited in the RBS account today, and is available. When I look at the statement, the description on RBS says 'Faster Payment'.

If this is the way it will become, I'm loving it!! I know they are both owned by the RBS group, but transfers have always been slow in the past with them until now...

Mikeyorks

Ah ... but the original tin is now past it's 'sell by'?

This is the new improved tin .... with lots of added preservatives, in a desperate attempt to make sure the contents don't poison all of us.