Faster Payments Experiences

aleph_0

ric2003 wrote: »

tried these transfers yesterday, the largest was just under £3k, nothing has appeared yet:

lloyds current > BM saver
Clydesdale current > BM saver
Yorkshire building society reg saver > Lloyds current

so much for faster payments! although I suspect there may be a delay as the building society allocates the payments from their bank account, so maybe FP won't be that useful after all, unless you're transferring between banks.

Well, lloyds say they are phasing in faster payments until June 6. Yorkshire & Clydesdale have said they're rolling it out in the next couple of months. So there is no reason to expect that any of the above payments would be fast.

KeithEssex_2

Dagobert wrote: »

Sorry to go off-topic: I was told that the account can only be funded via DD from linked current account.

Are you suggesting that you made a payment from an external account using sort code and a/c no?

Yes - I "pushed" the payment rather than "pulled" it via DD.

KeithEssex_2

HSBC to increase their Faster Payments limit to £10,000 in second week.

"For the first week, we will limit faster payment transactions to bill payments and transfers between bank accounts to transactions up to £20 and thereafter for payments up to £10,000.

So you should be able to send a decent amount from HSBC to any Bank / Building Society ready to receive from next week (not sure precisely which day - presumably Monday ?).

Well done HSBC (and RBS NatWest) :T

ric2003

aleph_0 wrote: »

Well, lloyds say they are phasing in faster payments until June 6. Yorkshire & Clydesdale have said they're rolling it out in the next couple of months. So there is no reason to expect that any of the above payments would be fast.

of course, silly me

KeithEssex_2

Behind The Scenes - Faster Payment Settlement

This link helps to explain how the FP process works:-

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

It would appear that there are 3 settlement periods during each bank working day:- 07:15, 13:00 and 15:45.

"Settlement is the process where participating banks’ accounts at the Bank of England are credited and debited for the value of the payments made. There are three settlement periods which only operate on bank working days. Values settled at the beginning of each cycle are likely to decrease as the day goes on. The first settlement, at 07.15 hours, coincides with the start of the Bank of England’s working day and is after the vast majority of standing order payments have been processed. The final settlement, at 15.45 hours, coincides with the end of the traditional bank working day and at the same time as CHAPS and CREST stop their daily payment operations. On non-bank working days, internet and phone payments can still be made by customers but settlement is held over until the next working day."

However, it should be noted that the above relates to final settlement of the accounts held at the Bank of England and customer accounts should still be updated within 2 hours of the payment being initiated.

In the case of Building Societies do the key times above have any impact on the updating of accounts as they do not seem to operate on a real-time basis (unlike the larger banks)?

oldfella

In the case of Building Societies do the key times above have any impact on the updating of accounts as they do not seem to operate on a real-time basis (unlike the larger banks)?

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my guess would be that most BS havent done the development work required yet - the banks will move the money faster, but it still doesnt integrate with the BS accounts systems

gardening_diva

The Faster Payments System (FPS) was founded by 13 banks/building societies:
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)

Of those, Abbey and Co-op are not yet ready to "join the party" and plan to come on-line later in the year.

AFAIK only HSBC and RBS are 'fully functional' for both send and receive across all their sort codes.

Barclays, Citi, Lloyds, Clydesdale and Yorkshire and Northern Bank have some send capability (which varies).

Alliance & Leicester, HBOS, Nationwide, Northern Rock are only receiving (and not to *all* sort codes).

This will change over the next few weeks/months as more functionality is introduced by each institution.

Birmingham Midshires do not appear to be part of FPS so I guess it was luck that a payment was credited within 2 hours!

Details confirmed at the APACS site http://www.apacs.org.uk/08.05.27.html

HTH!

harryhound

I wonder if the 10K limit is meant to dovetail with the money laundering regulations?

IamNotOneOfTHEM

Did a FP from HSBC to LTSB this morning.

15 times £20 sent (300 in total) and received in 10-15 mins.

KeithEssex_2

harryhound wrote: »

I wonder if the 10K limit is meant to dovetail with the money laundering regulations?

Yes - this is reason given by the Banks for the limit.