Faster Payments Sort Code Checker

[robert.saunders]

http://www.apacs.org.uk/sortcodechecker/index.html

Faster Payments is the first new payments service to be introduced in the UK for more than 20 years. For the very first time phone, internet and standing order payments can move within a few hours - almost at the touch of a button.

The Faster Payments Service enables electronic payments, typically made via the internet or phone, to be processed in hours rather than days. To date 13 banks and building societies are committed to the new service. In the future, other financial institutions will be able to join, either as members, or to access the system through agency arrangements with a member - just as they do with other payment systems.

The new Faster Payments infrastructure launched on 27th May 2008. From this date, the founding member banks are gradually implementing their own plans to deliver the new service to their customers. A phased approach to rollout is being adopted to help ensure that the service is launched smoothly, securely and with total reliability for customers. The new service will run alongside existing payment schemes in the UK such as Bacs and CHAPS.

The development of this new service is a massive and complex project involving significant investment. It will revolutionise the UK’s automated payments infrastructure and will be comparable to the best in the world.

 

[crockers]

About time.............no more £millions lying in the "ether" earning banks a fortune ................BUT..expect current account charges to be introduced...nothing is free ..

 

[GRAV888]

We will be able to do away with BACS and CHAPS if it works.

 

[Mark300SL]

For about 10 years I could pay another Lloyds customer (any branch) directly from my online account management almost instantly. I could literally drop cash into my sons account whilst he waited at a "hole in the wall"

Now it takes 5 days to transfer cash to his account despite it being the same branch!


Is this progress ? Hopefully we will at least get back to where we were!


Mark

 

[stevesey]

We will be able to do away with BACS and CHAPS if it works.

FP won't replace BACS for DDs for the foreseable future - current system basically handles single mandates (e.g. internet bank payments and standing orders).

 

[stevesey]

For about 10 years I could pay another Lloyds customer (any branch) directly from my online account management almost instantly. I could literally drop cash into my sons account whilst he waited at a "hole in the wall"

Now it takes 5 days to transfer cash to his account despite it being the same branch!


Is this progress ? Hopefully we will at least get back to where we were!


Mark

Part of the reason Lloyds took over TSB was to get hold of it's superior IT systems - yet since then all the real-time features that the TSB system used to feature have steadily vanished. Yet over the past few years they seem to have gone backwards - N.B at present LloydsTSB can only received FPs, not send them, I think they start sending FPs on 6th June.

 

[jaymanek]

HSBC say they are only doing it for very small amounts to start with... I went to trasfer 10K+ today and they said it would be a "while" before that amount can be done in hours... you have to pay the good old TT charge of £20!

 

[stevesey]

Having been very busy at work for the past few months I get a some time to visit in the day, and what are we talking about

 

[stevesey]

HSBC say they are only doing it for very small amounts to start with... I went to trasfer 10K+ today and they said it would be a "while" before that amount can be done in hours... you have to pay the good old TT charge of £20!

I think they are planning to ramp up steadily over the next few weeks, everyone is trying to avoid a T5 situation (different banks are using different approaches, some amount based, some sort code etc)

N.B There is a system limit of 10K on individual transactions (and 30K max per day).

 

[GRAV888]

For about 10 years I could pay another Lloyds customer (any branch) directly from my online account management almost instantly. I could literally drop cash into my sons account whilst he waited at a "hole in the wall"

Now it takes 5 days to transfer cash to his account despite it being the same branch!


Is this progress ? Hopefully we will at least get back to where we were!


Mark

3 of my drivers bank with Natwest (the same as my personal and business accounts) and I can pay money to them instantly.

 

[recycled]

3 of my drivers bank with Natwest (the same as my personal and business accounts) and I can pay money to them instantly.

how come you are not in marble arch?

 

[GRAV888]

how come you are not in marble arch?

http://www.mbclub.co.uk/forums/showthread.php?t=52215

 

[Mark300SL]

3 of my drivers bank with Natwest (the same as my personal and business accounts) and I can pay money to them instantly.

Yep - the business account is Nat West and we have a similar story. What annoys me is the backward steps taken by Lloyds.

There have been occasions in the past (as any parent will know) where I have been required to get money to my kids in a hurry. Also the ability to pay someone for an item on an inter-branch transfer was a real godsend and one of the reasons I remained with Lloyds.

 

[Mr E]

Same story with the Woolwich - used to be good until everything switched over to Barclays last year. They managed to swap over saving and current account details - which wouldn't have mattered except that they pick the "Holiday" account which had just been emptied, bounced al the DDs, etc, and then billed us for the privilege. Took ages to sort that one out...

Even little stuff like counter withdrawal - it used to be that we had all our accounts (current and savings) accessible through one card, but now only the current account can be handled that way. Which means that I either have to log on to do things or go into the branch, rather than use an ATM (which is much more convenient when Mrs E has seen something to buy... hang on, why am I moaning?)

Also, my ING account will only link to my Barclays current account, not another one (like we used to have). And then I have to fill in stupid slips of paper when i want to pay something in, rather than hand it over and the system scan cheques, etc, before producing a receipt for me to check.

I could go on, but the service we now get annoys me too much (and I can't even begin to face the hassle of moving accounts for Barclays to screw it up again).

Progress, eh? Although according to the link at the top, my accounts will receive faster payments.