20 October 2017
visit www.atos.net

Faster Payments goes slow for Lloyds customers

22 January 2013  |  7825 views  |  1 Lloyds web screen shot logo

Lloyds Banking Group was hit by a technical problem yesterday which left customers unable to send or receive money through the Faster Payments system.

The problem hit on Monday morning and was not fixed until around 5pm. Customers took to Twitter to complain that they had not received wages or been able to pay bills through standing orders.



The UK Payments Council has told the BBC that the problem was not with its central Faster Payments system and only affected Lloyds.

Comments: (1)

Richard Ransom
Richard Ransom - Bottomline - Reading | 30 January, 2013, 10:56

This latest case of banking downtime once again serves as a reminder to businesses that missing supplier payments or failing to make the payroll run has serious knock-on effects.

Banks offer no contingency service for a business solely reliant on internet banking, aside from visiting the branch or struggling through call centre support. So if the system is not available for any reason the payment run will be compromised and the company exposed.

Direct Bacs payment solutions are a far safer way for businesses to manage their payments, with many vital advantages. In particular it enables payments to be made from multiple bank accounts thereby not tying the company into a single bank’s solution. Automation, such as advanced payment scheduling and lights-out processing, also ensures that payments are not dependent on a single individual to be on-hand to validate, authorise and submit payments on a specific date. With advanced security, extended support, automated reporting, longer submission times, configurable workflows and batch submissions available; a direct to Bacs solution ensures organisations maintain the security, confidentiality and control of their payment processing.

Contingency is also a key factor when dealing with payments. Whether contingency is having access to a Bacs approved Bureau; a replicated Disaster Recovery environment or a registered service with a Bacs solution provider, every organisation needs to ensure that it is never at risk of not having access to its own funds and that business finance processes can continue regardless.

There is no longer any reason for payments to provide the weak link in the financial transaction process. This step is perhaps the most critical aspect of any business and should not fall victim to third-party delays and downtime.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

New Year celebrations delayed by Lloyds ATM failure

New Year celebrations delayed by Lloyds ATM failure

02 January 2013  |  8037 views  |  0 comments | 6 tweets | 3 linkedin
Faster Payments volumes surge

Faster Payments volumes surge

19 March 2012  |  11614 views  |  1 comments
Payments Council rebuts OFT criticism on Faster Payments

Payments Council rebuts OFT criticism on Faster Payments

11 August 2009  |  8062 views  |  0 comments
UK's Faster Payments service goes live

UK's Faster Payments service goes live

27 May 2008  |  14698 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.innotribe.com

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8521 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8483 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7570 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7022 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6632 views comments | 14 tweets | 23 linkedin

Featured job

Find your next job