The Faster Payments project goes live today after over three years in the
planning, $300 million investment in new systems and some delay - it was meant
to go live in November but required such significant systems redevelopment that
it took six months longer.
It should be good for all, as it means D+0 is finally here with most
standing orders, internet and telephone payments processed end-to-end within two
hours and within 15 seconds for a directly connected processor.
Lightspeed payments for the 21st century ... watch this space to see how it
goes.
You can find out a lot more
background here, and more from APACS here.
This makes clear that standing orders come into play on 6th June, so it's
just internet and telephone payments today.
Barclays, Citi, Clydesdale and Yorkshire Banks, HSBC, Lloyds TSB, Northern
Bank and RBS allow the sending and receiving of payments; Co-op Bank and Abbey
are going to offer this later, but right now only offer receiving; whilst
Alliance and Leicester, HBOS, Nationwide and Northern Rock only receive payments
for the moment.
I'll leave a longer diagnosis after a few days of the system being live.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
