Faster Payments
28 May 2008 update
The Faster Payments Service is due to be launched on 27 May 2008. This is designed to speed up certain payments between participating banks and building societies and will allow customers to benefit from same day electronic payments to transfer funds, make bill payments or process standing orders. The new service is being introduced on a phased basis from 27 May 2008.
The Faster Payments Service will enable payments between participating banks and building societies to clear on the same working day rather than within the current three-day clearing cycle.
Each participating financial institution will be confirming their own plans for introducing this new service and, at present, there is no need for customers to do anything or to make any changes to existing payments. Any payment that is not processed through the new service will continue to be made using the existing BACS three-day service.
Both sending and receiving banks need to be members of the Faster Payments Service and Faster Payments will be subject to pre-agreed limits and the customer having sufficient funds in their account. Once Faster Payments have been sent they cannot be recalled.
The Cumberland is one of a small number of building societies to offer a full current account service and is working towards being one of the earliest non-clearing bank adopters of the Faster Payments Service.
Like most other building societies, we require access to the new service through one of the major clearing banks and are working on its implementation in partnership with our clearing bank.
In the meantime, the Cumberland is also exploring an alternative means of allowing current account customers to make same day Faster Payments using its internet banking facility.
