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Faster payment?

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.

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Chris M Skinner

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  • Fantastic that the Working Lunch team have stayed on this. John Kay also rumbled the sham in June 2009 (as I added to a post comparing APACS’ (as it then was) puffery on adoption of FPS vs Alliance & Leicester’s weasel words: http://sdj-pragmatist.blogspot.com/2008/11/even-faster-payments-please.html)
    The fraud element is pure rubbish, of course. They’ll say anything to cling to the income earned between the date of debiting the payer to crediting the payee, or divert the investment to their own priorities.
    Those who haven’t fully implemented must be fined.
    Whether it’s interchange fees or slow payments, the only way banks seem to be assured of making money is by stealth and inefficiency.

  • I didn’t realise there were such variations. Just as a data point, I’ve used the Barclays home banking service to make payments to children, builders etc over the last few weeks and I’ve noticed that they’re going through very quickly. So credit where credit’s due.