no more waiting

entwisi · 26-03-2009, 13:29

More good news from your friendly local Bank....

Quote:

Barclays becomes the first financial services organisation in the UK to send 100% of eligible transactions through the Faster Payments Service (FPS).

The scheme, adopted by 13 banks and building societies, enables electronic payments, typically by internet or telephone, to be processed almost immediately.

Previously, they could take up to three days to clear.

Customers can make immediate or future dated payments of up to £10,000 and standing orders of up to £100,000.

shillelagh · 26-03-2009, 19:02

Barclays isnt the only one though there are 13 banks signed up to it.

BBC NEWS | Business | Slow clearing has 'lost millions'

katex · 26-03-2009, 19:06

Well, according to a question on tonight's radio programme whereby it can take 3 days for payment, 1 day transfers came in last May with all banks, but still not 100% successful in any banks. They stated that by the end of the year, 90% of transactions will be successful in this way.

Are you talking about a fast track system that you have to pay extra for Entwisi ?

entwisi · 26-03-2009, 20:17

Quote:

Originally Posted by shillelagh

Barclays isnt the only one though there are 13 banks signed up to it.

BBC NEWS | Business | Slow clearing has 'lost millions'

They are one of 13 but Barclays are the first to make 100% of eligable payments through teh faster system.

When it was intorduced last may the banks all started with paymnets under £1 and have been increasing the amount ever since.

Its not something you pay extra for Flashy. its basic payments between banks

MargaretR · 26-03-2009, 20:27

My bank has been doing it for a while now, but a quick transfer is only possible if the other bank is using the same system

entwisi · 26-03-2009, 20:58

yes they have but only for payments up to a certain amount.

Now Barclays is doing it on ALL eligable payments.

cashman · 26-03-2009, 22:46

why do i think they are just implementing what should be done anyway, to help protect their pensions?

Wynonie Harris · 26-03-2009, 22:49

Quote:

Originally Posted by entwisi

yes they have but only for payments up to a certain amount.

Now Barclays is doing it on ALL eligable payments.

Are you on commission?

Royboy39 · 26-03-2009, 23:20

Quote:

Originally Posted by entwisi

They are one of 13 but Barclays are the first to make 100% of eligable payments through teh faster system.

When it was intorduced last may the banks all started with paymnets under £1 and have been increasing the amount ever since.

Its not something you pay extra for Flashy. its basic payments between banks

Does that mean all payments within the UK or include foreign transfers?
This subject has been banded about for many years and has been a thorn in the side of traders, mostly small traders who rely on quick payments to keep cash flow alive.
Quick transfer is all very well but if the larger companies continue to insist on 60 or 90 days credit from the smaller companies, things will not improve.
I think the downturn may improve the situation....If I order a product, I pay up front before the product is released and I think that should be the way for every company, large or small....If you cant pay for it...dont buy it.

cashman · 26-03-2009, 23:25

Quote:

Originally Posted by Royboy39

Does that mean all payments within the UK or include foreign transfers?
This subject has been banded about for many years and has been a thorn in the side of traders, mostly small traders who rely on quick payments to keep cash flow alive.
Quick transfer is all very well but if the larger companies continue to insist on 60 or 90 days credit from the smaller companies, things will not improve.
I think the downturn may improve the situation....If I order a product, I pay up front before the product is released and I think that should be the way for every company, large or small....If you cant pay for it...dont buy it.

that is summat which to my mind has helped us into this hole.

doubt very much they will rectify that, without being "Regulated"

entwisi · 27-03-2009, 07:14

Quote:

Originally Posted by Wynonie Harris

Are you on commission?

Better than that mate, they pay me LOTS!

derekgas · 27-03-2009, 08:14

Maybe they could start to concentrate on the cheque system now, whenever we receive or pay out cheques, they can take 2 days or 5 days to clear, there doesnt seem to be a standard for a particular bank, they seem to just make it up as they go along.

Wynonie Harris · 27-03-2009, 08:22

Quote:

Originally Posted by entwisi

Better than that mate, they pay me LOTS!

Well, I just hope you're dressing down next Friday!

Neil · 27-03-2009, 08:25

Quote:

Originally Posted by entwisi

Better than that mate, they pay me LOTS!

Lots could be dependant on who you are

entwisi · 27-03-2009, 08:49

Quote:

Originally Posted by derekgas

Maybe they could start to concentrate on the cheque system now, whenever we receive or pay out cheques, they can take 2 days or 5 days to clear, there doesnt seem to be a standard for a particular bank, they seem to just make it up as they go along.

unfortunately cheques are subject to the piece of paper being presented at the drawn bank so you are at mercy of the movemnt of a physical resource rather than just firing 1's and 0's down a super fast data line.

Some Banks ( Barclays is one) will allow you to draw against a cheque up to £1K from the moment you deposit it. Obviously if it bounces they will remove the funds so be sure you trust the person who gave it you if you use this.