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  • FIRST POST
    • chris1
    • By chris1 20th Jun 08, 10:46 AM
    • 560Posts
    • 187Thanks
    chris1
    Faster payments - who can send and receive
    • #1
    • 20th Jun 08, 10:46 AM
    Faster payments - who can send and receive 20th Jun 08 at 10:46 AM
    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    - Lloyds (was available online, then withdrawn, currently sometimes available by telephone and more recently online again, though experiences are varied.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
    Last edited by chris1; 18-12-2011 at 10:45 AM.
Page 1
    • chris1
    • By chris1 20th Jun 08, 10:46 AM
    • 560 Posts
    • 187 Thanks
    chris1
    • #2
    • 20th Jun 08, 10:46 AM
    • #2
    • 20th Jun 08, 10:46 AM
    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
    Last edited by chris1; 18-12-2011 at 10:43 AM.
    • oldfella
    • By oldfella 20th Jun 08, 11:14 AM
    • 1,512 Posts
    • 576 Thanks
    oldfella
    • #3
    • 20th Jun 08, 11:14 AM
    • #3
    • 20th Jun 08, 11:14 AM
    Barclays seems to limit what goes by FP at the moment - £500 goes by BACS
    • exel1966
    • By exel1966 20th Jun 08, 11:26 AM
    • 4,815 Posts
    • 11,861 Thanks
    exel1966
    • #4
    • 20th Jun 08, 11:26 AM
    • #4
    • 20th Jun 08, 11:26 AM
    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
    • #5
    • 20th Jun 08, 2:23 PM
    • #5
    • 20th Jun 08, 2:23 PM
    thats all very well, but we all know there is a big difference between what banks say and what banks do!
    • zx2011
    • By zx2011 20th Jun 08, 10:57 PM
    • 307 Posts
    • 109 Thanks
    zx2011
    • #6
    • 20th Jun 08, 10:57 PM
    • #6
    • 20th Jun 08, 10:57 PM
    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=faste r%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=12109178 52086 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
    Last edited by zx2011; 20-06-2008 at 11:21 PM. Reason: added Yorkshire Bank, Clydesdale Bank, CO-OP Bank, smile and Citibank
    • tiptoe_mouse
    • By tiptoe_mouse 20th Jun 08, 11:55 PM
    • 325 Posts
    • 115 Thanks
    tiptoe_mouse
    • #7
    • 20th Jun 08, 11:55 PM
    • #7
    • 20th Jun 08, 11:55 PM
    Barclays seems to limit what goes by FP at the moment - £500 goes by BACS
    Originally posted by oldfella
    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
    • #8
    • 20th Jun 08, 11:57 PM
    • #8
    • 20th Jun 08, 11:57 PM
    Danske are also part of FPS

    and COOP will be soon.
    Last edited by Viper_7; 21-06-2008 at 12:13 AM.
    • vix2000
    • By vix2000 21st Jun 08, 12:09 AM
    • 1,098 Posts
    • 406 Thanks
    vix2000
    • #9
    • 21st Jun 08, 12:09 AM
    • #9
    • 21st Jun 08, 12:09 AM
    Hi can someone tell me what Tesco bank is please?
    • tiptoe_mouse
    • By tiptoe_mouse 21st Jun 08, 12:11 AM
    • 325 Posts
    • 115 Thanks
    tiptoe_mouse
    http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp
    • Milarky
    • By Milarky 21st Jun 08, 10:34 AM
    • 6,297 Posts
    • 2,210 Thanks
    Milarky
    Danske are also part of FPS

    and COOP will be soon.
    Originally posted by Viper_7
    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
    .....under construction....
    • vix2000
    • By vix2000 22nd Jun 08, 1:52 AM
    • 1,098 Posts
    • 406 Thanks
    vix2000
    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
    • By Toto 22nd Jun 08, 9:47 AM
    • 6,447 Posts
    • 10,913 Thanks
    Toto
    I did a barclays to A&L the other day, one at £20 and one at £250, neither are there yet.


    "Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein
  • Viper_7
    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
    Originally posted by Milarky
    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.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
    • davidmt83
    • By davidmt83 22nd Jun 08, 1:05 PM
    • 2,329 Posts
    • 1,011 Thanks
    davidmt83
    usually by th westunion !!
    convenient,rappid
    Originally posted by enjoyshoes
    in the signature. Reported
    • chris1
    • By chris1 23rd Jun 08, 5:04 PM
    • 560 Posts
    • 187 Thanks
    chris1
    I did a barclays to A&L the other day, one at £20 and one at £250, neither are there yet.
    Originally posted by Toto
    It seems to depend on the A&L sort code - apparently they have several. Some appear to be working and others not.
    • newlywed
    • By newlywed 23rd Jun 08, 5:13 PM
    • 7,476 Posts
    • 24,369 Thanks
    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

    DMP support thread (member #32)

    • Mikeyorks
    • By Mikeyorks 24th Jun 08, 12:02 AM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    My wages are showing up 3 days early (HSBC to A&L)
    Originally posted by newlywed
    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.
    If you want to test the depth of the water .........don't use both feet !
    • Mikeyorks
    • By Mikeyorks 24th Jun 08, 12:13 AM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    Amazing how people complain of the phased roll out for such a complex operation as this.
    Originally posted by Viper_7
    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.
    If you want to test the depth of the water .........don't use both feet !
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