Faster Payments Project?

**Sockpuppet** · 1 November 2006, 22:39

Could be the same but I got a mail asking if I wasnted to do some analysis on a new payment clearning system for a bank about 2 months ago. Could be totally unrelated.

**Troll** · 1 November 2006, 22:45

I also got asked about this a while back for 2 retail banks.

I'm not sure what they're up to but if you have payment engine experience then there are a few banks looking for contractors.

**JaredM** · 2 November 2006, 09:24

Banks are under pressure to offer quicker transfers between accounts.

If the banks don't get on with it and implement something the government is likely to force them to do it... that would be bad for the banks.

**Ardesco** · 2 November 2006, 09:29

It's all tosh really.

I worked in International Payments about 7 years ago and back then they had the technology to do same day payments. The only difference between a same day payment and a 5 day payment from the input point of view was 1 character P for priority or S for standard. The majrity of the transaction was automated back then and the only reason it would be held and checked was if the value was above £60,000 to ensure that there was no money laundering going on.

Sounds like an excuse to make out they can't do same day payments with the existing technology when they blatantly can.

**Sockpuppet** · 2 November 2006, 09:32

Damn straight. I pay my Credit Card bill online. 3 days for a online transfter from Natwest to Mastercard? Er...what....

**spankmebono** · 2 November 2006, 09:54

Yes, in three other countries that I know of, it happens same day

**MrsGoof** · 2 November 2006, 09:59

Originally posted by spankmebono

Yes, in three other countries that I know of, it happens same day

well done for knowing 3 other coutries

so your not American then

**Xenophon** · 2 November 2006, 10:14

Faster Payments

**Ardesco** · 2 November 2006, 10:20

As i thought a load of old tosh, in other words they are making a big fuss about writing a "New System" to do what the old one can already do so that when people moan about the time it takes at the moment they can say "Oh but we are developing something to enable us to fix that for you, just give us some time..."

Still on the bright side more work for contractors I should think, always one positive that comes out of reinventing the wheel

Faster Payments Project?