Which banks are involved in this new 'Faster payment/transfer' thingie?

[Katymac]

Because I like it

It is nice - I get paid much faster

When was it introduced?

Which banks don't take part & will cheques be going in faster too?

See here www.ukpayments.org.uk/sort_code_checker/

It seems to make bankers drafts etc a thing of the past combined with easy internet access it should reduce fraud I think (when buying/selling things like cars)

Unfortunately it mean HMRC get my money sooner

I know Halifax are.

DP banks with Natwest and I'm with Barclays and his money to me is instant.

Katy I think there is a transaction limit which may make this impractical for buying cars. Car dealers already take debit cards anyway, although there is usually an additional security check with the bank before the transaction is verified.

It has always been possible to make same-day transfers of any size via CHAPS. There is a charge for this (on a personal account this could be £25), but it is a good alternative to a bank draft.

I think you will find that the Bank of England does not participate in the Faster Payments system (for some good technical reason which I forget), so payments to HMRC still take 3 days.

Oh, of course HMRC changed its banking supplier from the BoE to Citi this year, and guess what - you still can't make faster payments

Halifax do, but my other account with Alliance and Leicester don't. I transfer money from A&L every Wed and it arrives in Halifax on Monday. If it was the other way round it gets there within 2 hours.