HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!

FlyHigh_2

As far as I'm aware LTSB will go live on 27th but with only payments up to £1000. And theres another limit about how many/much transactions you can do but I forget. Sorry.

smithja

Milarky wrote: »

I made some 1p payments from both First Direct and HSBC. FD screen gave no confirmation of the timescale for payment whereas HSBC does give this advice just before payment (and it changes from '2 hours' to '3 days' for any amount above a penny) Both arrived at Barclays and Alliance and Leciester pretty well instantly (I could not log on to the other accounts to check until I'd done paying. Barclays records all transactions 'live' (and therefore shows the source of the payments) but A&L only shows it as an updated 'running' balance including the pennies - due to the limitations of their own system.

When I tried sending 1p to LTSB from HSBC the system bucked - and no payment was taken even by BACS. Whereas the Sort Code Checker says LTSB (my branch) can accept FP (However, when I checked the LTSB balance some time later today a 1p credit from HSBC had definitely arrived. The interesting thing there is that the 1p never left HSBC! So I wonder if that be reclaimed????)

Of course I can't test Barclays in reverse until Tuesday (since all their minimum payments and transfers are £1!)

Since then I have confirmed the following

HSBC --> Natwest (sort code 50 42 37) --> HSBC/FD
HSBC --> Tesco Savings (sort code 83 65 15) --> HSBC/FD
Natwest --> Halifax (sort code 11 05 57)
n.b. Halifax payments out are future dated/minmum £1.00

Also, following sort codes are listed on the checker

40 02 50 (Egg Money & Capital One)
40 07 13 (Catholic B/Soc)
40 28 01 (Leek Reg Saver)
40 46 13 (West Brom Magic 8)

11 05 57 (Halifax Websaver)

16 12 27 (Furness)
16 16 22 (Chorley B/Soc)

Hi Milarky

I dont now if this has been covered already (I had also checked out the Egg Money sort code and GE Money's credit card is 30-00-00 which is showing as accepting FPS and is the receiving code for a few different bills) but you seem to be up on it so i thought i would reply to your good self.

The FAQ's of FPS say it works with bill payments which means that if the APACS site is correct if I make a payment to Egg it will arrive in their suspense account at least within 3 hours, but how do most banks go about transfering the money on to the bill i.e. credit card. I know Barclays has for a while now been stating when you pay your Barclaycard on their website the money is with Barclaycard instantly but shows up the next day and it does.

Egg takes 4 days to apply the transactions (and Capital One as I recall took longer than most) so I am presuming it arrives on day 3 and they do it by a batch run overnight to place it on the account, so technically that should mean the time drops to the following day, depending when they start the batch run.

However, I have seen nothing so far on a banks website now stating if you make a bill payment and it goes by FPS rather than BACS it will now be on your account the next day rather than in 3 days.

So does anyone know the answer or tried to make a payment to pay a bill yet to check which I know the latter part is rather premature given we have only just discovered it has gone live in advance of next Tuesday.

I am with Barclays so if no one knows I will make a payment of £1.00 tomorrow and see how long it takes to show on my Egg Money account, I take it Barclays gives the same message that it is going by FPS as everyone else if they have gone live with money going out.

James

Milarky

smithja,

It would be rather stupid (an own goal) if the 'float' were reconstituted at the bill recipient stage wouldn't it? Also the question arises of 'who pays' - to 'sender' or the 'receiver'? If the payment has gone to Egg Money by Faster Payment (and btw, it is possible to make a same day payment to Egg Money from any bank debit card - via the Egg savings account and an internal payment from there to Egg Money - but only because Egg gives 'value' for this - not because the money moves any quicker) then any fee payable by the recipient would have been paid. But I suspect it doesn't work like that. There is (presumably) a 'joining fee' for each organisation and they get billed on a monthly basis (or similar) and they then have to decide

a) whether to join

b) if so, how to recoup the costs

But as far as the public is concerned this looks and feels like a 'free' service - the cost recovery (if any) won't come by direct charging.

I shall send 1p from one of these current accounts known to be working to Egg Money tonight. If it turns up tomorrow this will confirm FP work....

..Just set up and sent 1p from NatWest account - which states the payment has been made on a 'same day' basis into their account. So the 'charge' has been wrung up so to speak. Will post when the money is credited...

update: 1p from Natwest arrived 'next day' (22 May) showing this a.m

mattdickinson

I think instant crediting of credit cards etc. won't happen until this is in place

http://www.apacs.org.uk/payments_industry/users.html

"Third-party beneficiaries
Future developments are planned to allow companies such as credit card issuers to connect to the Faster Payments Service, in order to be able to receive information regarding payments directly, rather than having them sent via their bank. Third-party beneficiaries must be sponsored by one or more members who will provide inter-bank settlement facilities for those payments accepted by the third-party beneficiary. Currently, about half of all the bill payments that customers make over the phone or by banking online are to pay their credit card bill."

skyrider007

HSBC Faster Payments to HSBC credit cards will be online in November this year

Milarky

skyrider007 wrote: »

HSBC Faster Payments to HSBC credit cards will be online in November this year

Which is 'good' news as it implies you should be able to pay HSBC credit cards as quickly from non-HSBC current accounts too. And in turn that implies that all credit cards issuers will gradually move to the scheme (i.e. can't see any provider staying with BACS indefinitely) with the banks own cards leading the way....

Currently, about half of all the bill payments that customers make over the phone or by banking online are to pay their credit card bill.

!!!

jonesMUFCforever

I do hope that with a lot of people messing about with the system with their 1p transfers does not crash the system when it goes live next week!

anandp

A good little report on Faster Payments by the BBC last night:

http://news.bbc.co.uk/1/hi/business/7411338.stm

Looks like standing orders at HSBC (and therefore First Direct) will not go live with faster payments till next year! Customers should complain to them about this, particularly when others are going live almost 8-10 months sooner.

skyrider007

Sad to see HSBC being slow with things like this! And what's up with the £20 limit! Grrrrr

Milarky

If you're listening to Moneybox, they've just had Sandra Quinn on tape giving a demonstration (to prove that FP works) - and she sent 1p as well!