Faster Payments Experiences

Mikeyorks

harryhound wrote: »

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

Not really because the €15k (used to be close to £10k Sterling but now close to £12k) indicator is specifically for cash. And the £10k limit on FP only applies to immediate payments ..... for FP SOs it will be £100k once bedded in.

Edit - sorry Keith - wasn't directly contradicting you as your post wasn't there when I started this. But - sorry again - don't think you're right? The £10k is just an arbitrary figure they came up with to guard against fraud (not the same as ML) on the faster parts of FP.

This bit from Faster Payments :

The system will be net settlement between banks and so to limit interbank settlement risk the size of individual transactions will have a cap (e.g. of the order of £10,000 for one off payments, a larger limit for Standing Orders). This cap is required to mitigate fraud and settlement risk. When this transaction based approach is applied to Standing Orders the remitting bank will have the option to change the output from their Standing Order systems from a file of payments to a stream of individual transactions

KeithEssex_2

Mikeyorks wrote: »

Not really because the €15k (used to be close to £10k Sterling but now close to £12k) indicator is specifically for cash. And the £10k limit on FP only applies to immediate payments ..... for FP SOs it will be £100k once bedded in.

Edit - sorry Keith - wasn't directly contradicting you as your post wasn't there when I started this. But - sorry again - don't think you're right? The £10k is just an arbitrary figure they came up with to guard against fraud (not the same as ML) on the faster parts of FP.

MIKE - I haven't been able to find anything to justify my claim so I think you're right !!!

I also use multiple accounts with the HSBC to crank up the limit to £20k or 30k.

Chadsman

gardening_diva wrote: »

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

BM is part of HBOS

KeithEssex_2

Chadsman wrote: »

BM is part of HBOS

BM is not immediate for receiving even though the Halifax is ! It seems to accept FP's on either same / next working day basis.

Still waiting for HSBC to up their FP limit from £25 to £10,000. Hopefully Sunday 1st June ..

EDIT : Looks like it's next Thursday that HSBC increase their limit ...

"From June 3 it will be possible to use the system to move up to £10,000." Times Online

Mikeyorks

Chadsman wrote: »

BM is part of HBOS

It is ... but they use Barclays for most of their Banking, just to confuse! Their Esaver - for example - uses 20:97:78 (a Barclay's Sort Code) - which accepts FP. Unfortunately I can't send FP from Halifax .... so it's all a bit silly at this stage.

KeithEssex_2

Mikeyorks wrote: »

It is ... but they use Barclays for most of their Banking, just to confuse! Their Esaver - for example - uses 20:97:78 (a Barclay's Sort Code) - which accepts FP. Unfortunately I can't send FP from Halifax .... so it's all a bit silly at this stage.

Mike - Any FP payment to BM is accepted by the sending bank as such but then takes ages (ok - same or next w.d) to turn up on the BM account. It's like someone is manually intervening or there is some kind of periodic batch job processing the FP deposits.

p.s. Why would BM still use Barclays !!!???

Mikeyorks

KeithEssex wrote: »

p.s. Why would BM still use Barclays !!!???

Sorry Keith .. can't answer that. In fact it's taken me several passes over the 'BM is part of HBOS' post to twig that the link I have to their Esaver is in fact a Barclay's code. This suggests it's a fairly standard code for most of their accounts :

http://www.askbm.co.uk/savings/questions/faq.asp#q17

.... so I think that the delay you're seeing on BM updates isn't just transient. It will always be part of the process where a BS piggy back's off one of the larger Banks? The money has to hit the Barclay's target and then be sucked into the BM accounting / updates.

Edit - there's a bit here on the potential implications of 'Agency banks' (as BM is) and FP :

http://www.fastpayments.co.uk/faq-agencybanks.asp#4

KeithEssex_2

Mikeyorks wrote: »

Sorry Keith .. can't answer that. In fact it's taken me several passes over the 'BM is part of HBOS' post to twig that the link I have to their Esaver is in fact a Barclay's code. This suggests it's a fairly standard code for most of their accounts :

http://www.askbm.co.uk/savings/questions/faq.asp#q17

.... so I think that the delay you're seeing on BM updates isn't just transient. It will always be part of the process where a BS piggy back's off one of the larger Banks? The money has to hit the Barclay's target and then be sucked into the BM accounting / updates.

Edit - there's a bit here on the potential implications of 'Agency banks' (as BM is) and FP :

http://www.fastpayments.co.uk/faq-agencybanks.asp#4

Thanks for that.

What a shame that APACS doesn't provide a clear list somewhere as to the status of the Agents is as it seems a key issue.

It would also be useful if the message that appears on the payment sending screen stated the correct time for the transfer based on a look-up against the sort code. If necessary they should say it will be 24 hours. At least then you would know exactly what to expect ...

Dagobert

I made 2 FPs from RBS to Birmingham Midshires eSaver on 2nd June after 4pm (£5 + £2000). Neither of the payments showed up on the following working day.

Milarky

Dagobert wrote: »

I made 2 FPs from RBS to Birmingham Midshires eSaver on 2nd June after 4pm (£5 + £2000). Neither of the payments showed up on the following working day.

Did the Natwest confirmation screen for each payment give details of these as Faster Payments?