Faster Payments Project?

[Ardesco]

Bugs generally...

Which means more work

[Ardesco]

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

[Xenophon]

Faster Payments

[MrsGoof]

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

[spankmebono]

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

[Sockpuppet]

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

[Ardesco]

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.

[JaredM]

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.

[Troll]

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.

[Sockpuppet]

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.

[solutions]

Does anyone know anything about this Faster Payments project, I just got an email from my agent at Pathway asking me if I'd like to get involved.
Is this a big deal or is he trawling? Discuss