New speedy system for bank transfers launched; account to account in under 2 hours

Cloudane

Yeah.... Ideally that would be good. But speaking as a systems designer myself, you can test and test and test until you're blue in the face in a testing environment (which I'm sure they have done... they were on about introducing this system for years), but some of the bugs simply will not be revealed until you go live and the whole country starts poking holes in it. A system can easily be made "foolproof" but the world just invents a newer and better fool to break it, and this really shows up when you go live.

It's best that they find and squash any bugs when the live system is at least limited, if possible, rather than when there are billions of pounds flying around it.

DesG

I have just had a reply from Cahoot about when they will be implementing the FP system:-

"The new APACS system (faster payments system) is due to be rolled out by cahoot later this year. We are implementing a phased approach to this facility to ensure that it is compatible with our banking systems at the time it goes live.

We will let you know as soon as we know the final implementation date for this facility. "

I still cannot believe that a lot of the founder member banks still do not have this working months after the extended deadline.

Cheers, Des.

tiff

Anyone know the latest on transfers from Lloyds? Just done one to my Nationwide account, but it hasnt been debited yet.

nell2

I don't think Nationwide is able to receive fast transfers yet - both sending and receiving institutions need to have signed up!

Milarky

nell2 wrote: »

I don't think Nationwide is able to receive fast transfers yet - both sending and receiving institutions need to have signed up!

They're waiting until they have done the last requested ISA transfer to the 6.15% fixed product before they throw the switch...!

TomJ

tiff wrote: »

Anyone know the latest on transfers from Lloyds? Just done one to my Nationwide account, but it hasnt been debited yet.

Lloyds seems to be up and running - a quid or so from my Classic+ acct winged it's way to HBOS in minutes few. Interestingly there's an FP option on my LlTSB fixed rate ISA as well as my current acct...

rolandpol

Does anyone know if yorkshire bank offer this service?
I've had a look on their website and it mentions it but doesnt state whether its live or not.

Also which banks charge for this?
Nationwide charge £20 per transfer.

YorkshireBoy

rolandpol wrote: »

Does anyone know if yorkshire bank offer this service?
I've had a look on their website and it mentions it but doesnt state whether its live or not.

They can receive, but not yet send. Last time I asked them when they'd be sending they didn't know!

Also which banks charge for this?
Nationwide charge £20 per transfer.

Isn't that the charge for a CHAPS transfer?

carpy

rolandpol wrote: »

Does anyone know if yorkshire bank offer this service?
I've had a look on their website and it mentions it but doesnt state whether its live or not.

Also which banks charge for this?
Nationwide charge £20 per transfer.

£20 would be for a CHAPS;) don't think anywhere charges for the new 'standard' faster payments:beer:

losbol

For all details and a real life example on same day bank trasnfers check out http://www.canipayfaster.com. See if your account can handle same day payments by using our sort code checker on http://www.canipayfaster.com