Faster payments - who can send and receive

chris1

It's been suggested that a list of which banks and building societies can send and/or receive faster payments would be a useful resource. I thought I'd start a new thread with this and keep the first post updated with the latest comments (in the same way that the Regular Saver thread works).

These are only listed where it's actually been tested, not just announced by the bank -

Able to SEND (up to £10K immediate payment)
- HSBC (including First Direct)
- RBS (including NatWest*)
- Barclays (amounts initially limited, now increased)*
- Lloyds (was available online, then withdrawn, currently sometimes available by telephone and more recently online again, though experiences are varied. Latest report is maximum transaction size £2500 and daily limit £10K.)
- Tesco*
- Halifax (but not always and amount limited) (part of Lloyds Banking Group)
- Marks and Spencer Money
- Nationwide (currently only up to £1000, excludes ATM bill payments)
- Co-operative (including Smile) (initial low limit trial now increasing)
- Yorkshire Bank (low initial limit)
* Those above marked with an asterisk will send faster payments outside banking hours e.g. during a weekend.

Able to receive
- HSBC (including First Direct)
- RBS (including NatWest)
- Abbey (Santander)
- Barclays
- Birmingham Midshires (part of HBOS)
- Co-operative (including Smile)
- Coventry BS
- Egg
- Halifax (part of HBOS, which is part of Lloyds Banking Group)
- ING
- Lloyds Banking Group
- Marks and Spencer Money
- Nationwide
- Tesco
- Ulster Bank
- Northern Rock (but can't pay funds out for 2 days, see post 69)
- Leeds Building Society (doesn't show online until next day)
- Newcastle BS (doesn't show online until next day, though with previous day's date)
- Market Harborough BS (doesn't show online until next day, though with previous day's date)
- Principality BS (doesn't show online until after midday next day)
- Saffron BS (but doesn't show online until next day, though with previous day's date)
- Sainsburys Bank (not known how long it takes to appear online)
- Yorkshire BS (including Barnsley BS) (doesn't show online until next day, though with previous day's date)
- Norwich & Peterborough BS (part of Yorkshire BS) (not known how long it takes to appear online)
- Britannia BS (part of Co-op) (not known how long it takes to appear online)
- Alliance & Leicester (certain sort codes only)
- Derbyshire BS (part of Nationwide BS) There are now reports that they are able to receive, though may be starting with smaller limits.

The APACS sort code checker will help to identify bank sort codes which can receive: http://www.ukpayments.org.uk/sort_code_checker/

HTH

chris1

And for completeness, the following do not seem able to send or receive at the moment:

- Cahoot (part of Santander)
- Cheshire BS (part of Nationwide BS)
- Manchester BS
- Post Office


All of the above refers to instant faster payments. As requested, here is a list of those who use faster payments to send standing orders:
- Halifax (seems to work for some people but not for others)
- Lloyds (usually, but not always)
- Nationwide (up to £1000)
- Co-operative / Smile (but with lower limit)

The following are not currently using faster payments for their standing orders:
- HSBC (including First Direct)


If you post your own experiences to this thread I'll update these two posts.

HTH

oldfella

Barclays seems to limit what goes by FP at the moment - £500 goes by BACS

exel1966

THIS will tell you which accounts can and which can't accept faster payments.

THIS will give you an idea of how/when those who currently don't will be able to.

THIS will give you a comprehensive insight to how it all works and will give regular updates of those banks who have come online with the new system.

ric2003

thats all very well, but we all know there is a big difference between what banks say and what banks do!

zx2011

A list of Banks' websites for Faster Payments Service (FPS):

+++ Banks
www.lloydstsb.com/fasterpayments Lloyds TSB
www.barclays.co.uk/fps Barclays
www.natwest.com/microsites/personal/faster_payments_service/default.asp NatWest
www.halifax.co.uk/OnlineBankingHelp/fasterpayments.asp Halifax *
www.bankofscotlandhalifax.co.uk/OnlineBankingHelp/fasterpayments.asp Bank of Scotland
www.hsbc.co.uk/1/2/popups/faster-payments HSBC
www.firstdirect.com/1st-account/faster-payments.shtml First Direct *
www.rbs.co.uk/personal/ms/faster-payments.ashx Royal Bank of Scotland
http://allianceleicester.creativevirtual.com/aandl/bot.htm?uid=959408337650&StartContext=&entry=faster%20payments&height=660&width=730&Textsize=&Style Alliance and Leicester
http://www.ybonline.co.uk/0,,94213,00.html Yorkshire Bank *
http://www.cbonline.co.uk/personal/current-accounts/faster-payments Clydesdale Bank
http://www.co-operativebank.co.uk/servlet/Satellite/1210573317004,CFSweb/Page/Bank-CustomerServices The Co-operative Bank
http://www.smile.co.uk/servlet/ContentServer?pagename=Smile/Page/smView&inifile=futuretense.ini&c=Page&cid=1210917852086 smile *
http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/fasterpay_faq.htm?merchant=citi Citi

+++ Building Societies
www.nationwide.co.uk/faster_payments/default.htm Nationwide

* Note:
Halifax is a division of Bank of Scotland PLC
Yorkshire Bank is a trading name of Clydesdale Bank PLC
smile is the internet bank from The Co-operative Bank PLC
first direct is a division of HSBC Bank PLC

tiptoe_mouse

oldfella wrote: »

Barclays seems to limit what goes by FP at the moment - £500 goes by BACS

From http://news.bbc.co.uk/1/hi/business/7411338.stm :

27 May to 16 July - Barclays transfers will see a steady increase in maximum limits such as £5 on the first day, £100 by 5 June, £2,000 on 9 July and £10,000 by 16 July

I've emailed them to find out whether there are any intermediary steps between £100 and £2000.

tiptoe

Viper_7

Danske are also part of FPS

and COOP will be soon.

vix2000

Hi can someone tell me what Tesco bank is please?

tiptoe_mouse

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

Milarky

Viper_7 wrote: »

Danske are also part of FPS

and COOP will be soon.

I thought Cooperative Bank were one of the 'founder members' to this system - and agreed to bring it in with all the other 'founders' way back in 2005? (see here) This is like setting up the 'Premiership' and then only having half the teams playing. Tell me (if you are privy) are Coop Bank (and the other currently non active 'founder members of FPS) actually doing anything aside from sitting on their hands and peering over the wall like the rest of us? We know that FPS works, so what excuse does a member bank have for not using it now? The only thing I can think is there their own 'internal' systems aren't set up to interface with the FPS infrastructure. But if that is the case they had exactly as much time as the likes of HSBC, RBS, Lloyds and Barclays (the 'big 4' banks, you'll note) - two years plus - to make any necessary changes to their systems before the 'go live' date. To only start the work of connecting to a new network (well) after it is created beggars belief