Instant Bank Transfer

Anyway, I logged into my Natwest account straight away and the money had been transferred. I couldn't believe it! Has there been some new system introduced recently?

Just really curious!

Many thanks!

========================== Yes... brief details here...

I have no doubt that this "bonus" enjoyed by the Treasury is the only reason BoE has not joined in.

like martin said

i came across this the other week - paying my gas bill went thru rapid

shocker !

The Faster payments Service is being introduced gradually, as and when each bank has upgraded their IT systems to cope. I see no reason why BoE and the others won't implement it evetually as they're all commited to it. This is all driven by some Government enquiry from some years ago the name of which I can't remember. Direct Corporate Access will start next January (IIRC) and then if such as your employer decides to take it up you'll get paid two days sooner. Or more likely they will make the BACS transfer two days later so they get the extra 2 days interest!

At present there is a restriction though of £10,000 per transaction.

BobC

Cynical bugger! But yes...

In article , Distorted Vision writes

Lloyds is boasting these fast transfers. Pity that I'm still waiting for money to appear in my Nationwide Flex account almost a week after doing the online stuff. It took three days to leave my LTSB account and a further three days later it has still not been processed by Nationwide.