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
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.