FAST BACS Transfers, blink and its transferred!

arealhighlander

I had read about how changes in the BACS transfer system were going to make money transfers quicker (http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/11/23/cmnbank21.xml) but seen it for myself today.

I set up a transfer from an RBS account to a Tesco savings account. In teh time it took me to log out of RBS and log into Tesco, the savings account listed the transfer! OK, it wasn't cleared, but within a couple of hours it was. The fastest I've ever seen a transfer.

Has anyone else got any examples of fast transfers, which banks are part of this go faster scheme?

Lokolo

I posted the banks a few days ago. theres 13. I will try and find them and edit this post when I do.

[edit]

The thirteen founding members are: Abbey, Alliance & Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, Royal Bank of Scotland Group (including NatWest and Ulster Bank).

SilentMinority

RBS operate the banking for Tesco so I think you'll find that this wasn't an example of the fast transfer.

T'Pau

I note that the Telegraph article is from 2006, and there are related items at the end dated 2005 and 2003.

No doubt the bank charges issue will drag on for five years as well. :mad:

T'Pau

SilentMinority wrote: »

RBS operate the banking for Tesco so I think you'll find that this wasn't an example of the fast transfer.

...just an instant 'internal' transaction within the same organisation/group.

arealhighlander

!!!!!!! And here was me hoping they had sacked the snails that transfer the funds at present!

Mikeyorks

Doesn't kick off until 27th May .... and there won't be full teams playing when it does. They're being a bit (super) cautious with the implementation. Thread on it here :-

http://forums.moneysavingexpert.com/showthread.html?t=768001

Steve_xx

Phased rollout for new Faster Payments Service

• First new payment service introduced in the UK for more than 20 years

With one month to go, APACS, the UK payments association, has today (28 April 2008) confirmed plans for the launch of the new Faster Payments Service. The new payments infrastructure for this service remains on track to be launched on 27th May and, from this date, founding banks* will be gradually implementing their own plans to deliver the new service to their customers. This phased approach will help ensure that the service is launched smoothly, securely and with total reliability for customers. Further updates on launch plans will be made prior to 27th May.
The new service will benefit customers by speeding up one-off payments made over the internet or by phone, reducing the current three-day clearing timescale to enable these payments to clear within hours, not days. For the very first time it will also be possible to make these payments all day every day. The service will also enable same day clearing for regular standing order payments made on bank working days, reducing the current clearing timescale of three days.
Each participating financial institution will be confirming their own plans for introducing their competitive services to their customers and explaining what this means for them. At present there is no need for customers to do anything or to make any changes to existing payments. Any payment that is not processed through the new service will continue to be made using the existing Bacs three-day service.
To ensure a smooth rollout of this new service, volumes on launch day are being carefully managed. This means on day one it is expected that only 5% of members’ internet and phone payments will be processed as faster payments. As an additional introductory measure some financial institutions will place lower initial limits** on the value of phone and internet payments that can be sent or alternatively they may choose to phase rollout across their customer accounts. Standing orders are scheduled to start being processed through the Faster Payments Service from 6th June. Over the summer the overall volumes are expected to increase to over 50% of anticipated peak-day processing volumes.
The development of this brand new payments infrastructure has been on an unprecedented scale. It has been a massively complex project for all involved and it is estimated that the cost across the sector could reach several hundred million pounds. It will deliver a level of service for UK customers second-to-none in the world.
Paul Smee, APACS Chief Executive says, “The UK banking industry has pulled together to deliver this new payment infrastructure to a demanding timescale. The challenge of achieving this cannot be underestimated. As with any payment system there is no room for error as it will be an integral part of the UK’s economic infrastructure. A phased rollout will best help us ensure customers get the safety, integrity and efficiency they have come to expect when making payments here in the UK.”

ENDS

For further information contact the APACS Press Office on 020 7711 6316

realaledrinker

Mikeyorks wrote: »

Doesn't kick off until 27th May .... and there won't be full teams playing when it does. They're being a bit (super) cautious with the implementation.

Co-op/smile will go in July, for example.

10_66

I asked Kaupthing and BM a while ago and neither have plans of introducing this system, despite BM being part of the HBOS group, which is listed on THIS link.