Faster Bank Payments -starts 27 May

peter999

Faster bank transfers under way
http://news.bbc.co.uk/1/hi/business/7417303.stm

A banking scheme for one-day cash transfers over the telephone or on the internet has started.

The scheme will speed up the process which previously saw money transferred between banks disappearing into a black hole for up to four days.

The £300m Faster Payments Service, developed by 13 banks, starts on 27 May, although only a fraction of payments will be quicker from day one.

Customers can make one-off payments up to a maximum value of £10,000 over the telephone or via the internet, which will leave their account and arrive at the destination account on the same day.

First Direct: Faster Payments
http://www.firstdirect.com/1st-account/faster-payments.shtml

On 27 May 2008, the UK Banking Industry has launched a new payments service called Faster Payments.

Faster Payments does exactly what it says on the tin. As long as both sender and recipient banks are part of the scheme and the amount is within the maximum limit, when you pay bills or transfer money it should reach the beneficiary's account straight away, 24/7, 365 days a year. It's just like making payments to first direct or HSBC accounts, only with other banks.

It's basically the same as making a regular payment - you can use Internet Banking and the telephone - and you don't need to do anything extra. When you make a payment, as usual you'll be told how long it'll take and when the money will leave your account.

http://www.firstdirect.com/1st-account/faster-payments.shtml#q2

We'll start using Faster Payments from 27 May 2008, and you'll be able to make Faster Payments up to the value of £20. By the end of June 2008, you will be able to send Faster Payments up to the value of £10,000.

peter999

Milarky

Cant use payments at all on HSBC site at the moment - with Firefox ('problem loading page')- even for internal transfers - but works with IE7 or IE Tab. Also the A&L payment would have taken 3 days (regardless of amount) according to the prompt - so who knows without sending...

Phil

Which other banks have started using this?