Faster Payments.. really... when?
Discussion
Went to the cash machine last night, only to find out the card was expired as it swallowed it leaving me in the unfortunate position of being unable to access my money.
So, as we live in the 21st Century I figured this shouldn't be too big a problem. I went home and logged into online banking, then set up a transfer to my girlfriends account. I clicked on 'payment timescales' and it said:
"Oh, you can't do faster payments through online banking" the girl at the help centre tells me. "What's the point of that?" I think.
I then explain I need access to my money, she tells me it's not a problem, she'll set up a faster payment and assures me, even checking with her manager / supervisor, that I'll see the money within four hours.
Needless to say I still haven't got it. I phone them up again this morning, only this time to be told "Sorry, I'm afraid it's going to be Monday".
Unbelievable, when will this faster payments crap actually work, properly?
So, as we live in the 21st Century I figured this shouldn't be too big a problem. I went home and logged into online banking, then set up a transfer to my girlfriends account. I clicked on 'payment timescales' and it said:
said:
New Faster Payment Service
When you make a payment between banks, where possible, it will be sent through the Faster Payments Service. Generally it will show in the recipient’s account in a couple of hours – although not all banks can receive Faster Payments
So, my bank (Lloyds) and her receiving bank (Natwest) are both supposed to be providing faster payments. I fill the details in and click send. Only for the confirmation page to tell me it'd be the 22nd before she gets it. Hmm, that's not faster, so I cancel the payment and phone them up.When you make a payment between banks, where possible, it will be sent through the Faster Payments Service. Generally it will show in the recipient’s account in a couple of hours – although not all banks can receive Faster Payments
"Oh, you can't do faster payments through online banking" the girl at the help centre tells me. "What's the point of that?" I think.
I then explain I need access to my money, she tells me it's not a problem, she'll set up a faster payment and assures me, even checking with her manager / supervisor, that I'll see the money within four hours.
Needless to say I still haven't got it. I phone them up again this morning, only this time to be told "Sorry, I'm afraid it's going to be Monday".
Unbelievable, when will this faster payments crap actually work, properly?
Faster payments started a few months ago mate.
I work for Natwest - it should go through straight away, although it can sometimes be referred for fraud checks, and can take up until the end of business on that day. We only quote "same day" we don't say it will be an instant payment, even though 99% of the time it is.
I work for Natwest - it should go through straight away, although it can sometimes be referred for fraud checks, and can take up until the end of business on that day. We only quote "same day" we don't say it will be an instant payment, even though 99% of the time it is.
Ry_B said:
BTW the main point of my post (that I forgot to post 
) was that if you send a payment on a saturday, say today, it will go through straight away but it will be dated for statement purposes on money the 22nd, but the money will be available there staight away.
Not with Lloyds, despite them double checking and assuring me it'd be transferred within four hours. The money is still in my account. ) was that if you send a payment on a saturday, say today, it will go through straight away but it will be dated for statement purposes on money the 22nd, but the money will be available there staight away.smack said:
That's a handy tool. Both my girlfriends and my own account are supposedly capable of sending and receiving faster payments and yet I still don't have my money. 
OK, quick explanation of faster payments...
1/ It's bl**dy complicated for the banks to implement. I mean - really - beyond the wit of mortal man complicated when you try adding it in to 40+ year old clunking banking platforms. They're all based around branch accounting models, batch overnight processing, etc... this is costing banks 8/9 figure sums to implement (each). Very scary, very expensive stuff.
2/ It's something each bank has to do, and has to do different things to achieve. So different banks are in different states of supporting it.
3/ Because of this complexity, they're (pretty much) all turning it on slowly - different types of payments in different months, etc. to ease it all up to speed. We'd all only complain if they stopped accepting payments/withdrawals full stop which everything collapsed during go-live.
4/ It's a huge security issue... Before, they had days to do any checks they wanted. Under Faster Payments, they've got seconds to do any checking around the sender, the recipient, the funds, other (potentially) related account activity, etc. They need to ease all this online gently to see where fraud is cropping up and via what means, and put a lid on it. If they opened the flood gates on all the different types at once, they'd never catch all the scams going on.
When it's all rolled out, it'll actually be quite cool. Now, if they could sort out mobile payments, 2-factor authentication via mobile, and a proper federated model for account aggregation, we might start moving banking into the 21st century...
Bl**dy awful and inexcusable service that the bank says they'll do something and doesn't when you REALLY need the cash. I'm sure they'd have taken money off you in an instant if it had been a late payment charge.
1/ It's bl**dy complicated for the banks to implement. I mean - really - beyond the wit of mortal man complicated when you try adding it in to 40+ year old clunking banking platforms. They're all based around branch accounting models, batch overnight processing, etc... this is costing banks 8/9 figure sums to implement (each). Very scary, very expensive stuff.
2/ It's something each bank has to do, and has to do different things to achieve. So different banks are in different states of supporting it.
3/ Because of this complexity, they're (pretty much) all turning it on slowly - different types of payments in different months, etc. to ease it all up to speed. We'd all only complain if they stopped accepting payments/withdrawals full stop which everything collapsed during go-live.
4/ It's a huge security issue... Before, they had days to do any checks they wanted. Under Faster Payments, they've got seconds to do any checking around the sender, the recipient, the funds, other (potentially) related account activity, etc. They need to ease all this online gently to see where fraud is cropping up and via what means, and put a lid on it. If they opened the flood gates on all the different types at once, they'd never catch all the scams going on.
When it's all rolled out, it'll actually be quite cool. Now, if they could sort out mobile payments, 2-factor authentication via mobile, and a proper federated model for account aggregation, we might start moving banking into the 21st century...
Bl**dy awful and inexcusable service that the bank says they'll do something and doesn't when you REALLY need the cash. I'm sure they'd have taken money off you in an instant if it had been a late payment charge.
Stigmundfreud said:
Faster payments, exactly why the writers of torpig are creaming themselves
And exactly why banks are introducing all those annoying-as-f
k PIN readers, etc. If you look at the numbers of how much fraud they prevent, they're a no-brainer... I'll just keep switching banks to avoid ever having to use one (and keeping my PC nicely locked-down and passwords safe)
J_S_G said:
Stigmundfreud said:
Faster payments, exactly why the writers of torpig are creaming themselves
And exactly why banks are introducing all those annoying-as-fk PIN readers, etc. If you look at the numbers of how much fraud they prevent, they're a no-brainer... I'll just keep switching banks to avoid ever having to use one (and keeping my PC nicely locked-down and passwords safe)Just thought I'd chip in and say that I've also got a Lloyds and Natwest account and faster payments don't work for me either (from Lloyds to Natwest).
I made a payment yesterday and have to wait til bloody wednesday before it's in my natwest account!
Wonder if it's because they're still trying to get people, who want same day transfers, to do a CHAPS payment - which they charge nicely for.
I made a payment yesterday and have to wait til bloody wednesday before it's in my natwest account!
Wonder if it's because they're still trying to get people, who want same day transfers, to do a CHAPS payment - which they charge nicely for.
Edited by countryboy on Saturday 20th September 21:25
rich1231 said:
Can you muppets claiming its instant f off and talk about something you understand.
3 cycles per day, not instant
Umm do you have any links that support that statement? I'd be interested to read them.3 cycles per day, not instant
My understanding is that "faster payments" is message based not cycle based so it is more or less instant (I suppose very quick would be a better term than instant).
tertius said:
rich1231 said:
Can you muppets claiming its instant f off and talk about something you understand.
3 cycles per day, not instant
Umm do you have any links that support that statement? I'd be interested to read them.3 cycles per day, not instant
My understanding is that "faster payments" is message based not cycle based so it is more or less instant (I suppose very quick would be a better term than instant).
It's cycle based. Despite what you might have been told.
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