The BBC has just written an interesting piece about the state of the UK's Faster Payments Service (FPS). FPS is meant to allow transfers of up to £10,000 to take place within 2 hours for telephone, internet and regular payments via standing order. In fact, most banks will not let you get even near those levels with many restricting the amount that can be paid via FPS:
Bank FPS Payment Limit
Barclays: £10,000
HSBC: £10,000
Northern Bank: £10,000
RBS/NatWest: £10,000
HBOS: £1,000
Lloyds: £500
Alliance & Leicester: £250
Clydesdale: £250
Co-op: £100
Nationwide: £10
Source: UK Payments Council
Beyond those banks, participation is even more patchy with Egg
and Abbey only allowing the receipt of funds, and
Northern Rock offering FPS for only standing orders and not telephone or online payments.
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...