instant payments - working

Milarky

Tori_Bellatrix wrote: »

Using the SC checker, it looks like neither of my banks can receive fast payments (Citi and A&L)

I believe A&L can (for your actual sort code and account number to quote consult the inside page of your chequebook since A&L use a non standard approach to account numbers). As to Citi, Egg account (part of the same) can certainly now receive Faster Payments but I believe they can't send any quicker...

Tori_Bellatrix

Milarky wrote: »

I believe A&L can (for your actual sort code and account number to quote consult the inside page of your chequebook since A&L use a non standard approach to account numbers). As to Citi, Egg account (part of the same) can certainly now receive Faster Payments but I believe they can't send any quicker...

Hmmm .. interesting .. I've tried again with ths sortcodes and I get the following message ... Faster Payments cannot be sent to this sort code.

Tori_Bellatrix

Just xfered £5 from A&L to Citibank ... no showing up yet... will check later to see if worked ..

khalid

Tori_Bellatrix wrote: »

Just xfered £5 from A&L to Citibank ... no showing up yet... will check later to see if worked ..

It appears that each of the 13 banking groups will introduce the Faster Payments scheme at different dates. Here is a link explaining the situation

http://news.bbc.co.uk/1/hi/programmes/moneybox/7417826.stm

I think this clarifies things a lot better for everyone!

Night-owl_6

Fast payments havent come to A & L
From 27th of May have been told

Tori_Bellatrix

khalid wrote: »

It appears that each of the 13 banking groups will introduce the Faster Payments scheme at different dates. Here is a link explaining the situation

http://news.bbc.co.uk/1/hi/programmes/moneybox/7417826.stm

I think this clarifies things a lot better for everyone!

Perfect. Thanks

Bogof_Babe

Is there anyone else out there who has tried it from NatWest yet?

Says on that link that they are going full pelt from today, but that wasn't my experience.

[Deleted User]

I've sent a bill payment for a store card to sort code 30-00-00 which is a LloydsTSB sort code, from my A&L account. The APACS checker says it can take Faster Payments. Does this mean my bill is paid or do I sill have to wait the 3 days with bills?

Milarky

Deleted_User wrote: »

I've sent a bill payment for a store card to sort code 30-00-00 which is a LloydsTSB sort code, from my A&L account. The APACS checker says it can take Faster Payments. Does this mean my bill is paid or do I sill have to wait the 3 days with bills?

It depends on A&L. They only allow you to make 'diarised' (future-dated) payments - the earliest being tomorrows date.

You might get the money to leave A&L tomorrow and reach Lloyds the same day, therefore - the fact that the payment is designated 'single' being the relevant factor rather than the fact that it is submitted (by A&L) to Faster Payments a day after you actually request it.....

(Egg, for instance, is not a bank - but is accepting Faster Payments)

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.

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.

http://www.apacs.org.uk/08_04_28.html

Yes, the way I am reading it now, standing orders must just 'look' different to the Faster Payments system - as they are likely to be 'batched' by the banks overnight (etc). One-off payments, by definition are not - they need to be submitted individually, and at any time of day. Where banks (like A&L, Lloyds) also batch their single payments it is possible (though no means certain - because of the short timescale) they put these through in a way which Faster Payments would currently reject.

maniac886

Bogof_Babe wrote: »

Is there anyone else out there who has tried it from NatWest yet?

Says on that link that they are going full pelt from today, but that wasn't my experience.

Yep, I transferred 1p from Natwest to HSBC and went in almost instantly today!