How to slow down Faster Payments

My sympathies Paul. Isn’t it amazing how banks always seem to get it right with this immediate debit thing while the corresponding credit never ever works the same way? That part of the transaction always goes on a “Cook's Tour” of the banking world’s superhighways. Imagine if the poor credit could speak what an amazing tale it would tell.  And to add insult to injury this happens virtually everywhere from Albania to Zanzibar.  

Only RBS has fully implemented the Faster Payments scheme rules at the present time. The others will only catch up if enough people complain, or indeed, move to an RBS account and tell them why!

I recently had a very different experience with "Faster Payments".  I used Barclay's Internet Banking on a Saturday afternoon to send money to a chap who banks with HBOS.  I didn't expect the transfer to even begin until the following Monday.  I was somewhat surprised when the other guy emailed me a few hours later to say the money had already arrived in his account!  Faster Payments sometimes really do work, just not when you need them to!

I work with Fastpayments.co.uk- we're taking a very close look at how the scheme has developed since 'go-live'.

We would be very interested in your views- especially if you work for a bank in the industry or a corporate considering the commercial value of FP.

Very interesting blog piece, thanks.

Nick

www.fastpayments.co.uk