Faster payments - who can send and receive

vix2000

tiptoe_mouse wrote: »

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

Right - its a savings account. I was thinking current accounts!!!!

Milarky - I totally agree, Its a joke. To only have about 4 banks doing it, and most of the instigators neither sending or recieving is pathetic. Not even worth advertising it really, was it?

Toto

I did a barclays to A&L the other day, one at £20 and one at £250, neither are there yet.

Viper_7

Milarky wrote: »

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

COOP were one of the founders but just havn't connected yet.
They havn't just started to connect it's taken years.
There hasn't been any problems with their connection it is as planned.
If only you new exactly what was involved you wouldn't be too quick to complain that it's taken so long to set the system up and for others to "connect"

FPS works because of the planning and testing that has gone into it.

Amazing how people complain of the phased roll out for such a complex operation as this. You'd be the first to complain if you 'lost' your money and then probably complain at "rushing" it in!
Nobody is ever happy!
When I say "you" I don't mean just you but people in general.

natweststaffmember

Credit Cards for RBS/NatWest are predicted to be on FPS by the end of this year.

[Deleted User]

enjoyshoes wrote: »

usually by th westunion !!
convenient,rappid

:spam: in the signature. Reported

chris1

Toto wrote: »

I did a barclays to A&L the other day, one at £20 and one at £250, neither are there yet.

It seems to depend on the A&L sort code - apparently they have several. Some appear to be working and others not.

newlywed

My wages are showing up 3 days early (HSBC to A&L)

Faster payments suits me then as I won't have to wait for 3 days plus weekends/bank holidays etc for my wages to clear

Mikeyorks

newlywed wrote: »

My wages are showing up 3 days early (HSBC to A&L)

Wages don't generally use FP? They're sent by BACS Direct Credit ..... which will continue to use the old BACS links as there is no float involved. Just the same as DDs will continue to use BACs .... again as no float (interest to the Banks) is involved.

Mikeyorks

Viper_7 wrote: »

Amazing how people complain of the phased roll out for such a complex operation as this.

But just how 'complex' is it when considering it was deliverable up to 3 years ago ..... postponed at the 11th hour in Nov 07 ..... and then is being 'phased' in a manner which means some of the key stakeholders aren't prepared to join for several more months! It's 'complex' because Bank systems are having to interface with each other ..... but when you consider it is based on existing ATM protocols .... it's really not such a big deal.

Had the Banks being losing money because of it's absence (or were being financially penalised by the Regulators, because of the obscene amounts of £float they've been making .. as should have been happening from 2005) ...... you can guarantee the timeframes would have been dramatically shortened ..... and without heightened risk.

Milarky

Mikeyorks wrote: »

But just how 'complex' is it when considering it was deliverable up to 3 years ago ..... postponed at the 11th hour in Nov 07 ..... and then is being 'phased' in a manner which means some of the key stakeholders aren't prepared to join for several more months! It's 'complex' because Bank systems are having to interface with each other ..... but when you consider it is based on existing ATM protocols .... it's really not such a big deal.

Is it also possible that the 'shortness' of time (they allowed themselves) - only working on the problem since 2005 rather than 2000 for example - to design an FPS 'hastily' meant the result was (well) better described as 'Fair-weather Payments System'?