Faster Payments still Extremely Slow for Some

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Faster Payments still Extremely Slow for Some

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By Felicity Anderson

A major service used within UK banking for moving money between accounts at different financial institutions, suffered a fault on Sunday, which has left thousands of UK customers out of pocket.

A spokesperson for The Faster Payments System claimed yesterday that it has been clearing the backlog and checking missed payments manually, but many customers are still reporting that payments made on Sunday between 1 pm and 5 pm remain outstanding.

The technical glitch has meant that payments between different banks, which can take up to two hours but are usually instant, have failed to reach their intended destinations.

This has caused major problems for customers who were paid their salary during that period or had instructed large payments that were due to clear within hours but remain unpaid.

The BBC reported yesterday that a Twitter user with the handle @pilotstenen tweeted Santander and the BBC, explaining that they had arranged a transfer of over £2,000 to go to their builders on Sunday but that it still hadn’t reached them.

Sunday’s technical glitch occurred a time when a total of 769,480 payments were being processed and two days later, on 10th July, it was estimated that around 1% of the total payments, about 7,694, were still pending.

Customers still waiting

As of this morning (Thursday 12th July), customers are reporting that their transactions haven’t yet completed, claiming that they are still waiting for payments and taking to Twitter to voice their concerns with their banks.

A Twitter user with the handle @MzRaxal tweeted Halifax:

“I have still not received funds into my Halifax – I transferred from Santander on Sunday! They have defo released the funds, I understand therz a glitch with faster payment service BUt how long do I have to wait? This is not fair or right, will I be compensated?!”

In response @AskHalifaxbank responded:

“Hi, I’m MM. I’m very sorry to hear about the delay you’re experiencing. We are aware that some payments are still in the system & the Faster Payments scheme are working hard to release these funds. This will credit your account as soon as the funds are released.”

“No-one affected by this issue will be left out of pocket,”

A spokesperson for Faster Payments System has explained that the payments backlog was caused when certain payments were rejected during the unexpected system shut down on Sunday.

Staff are apparently manually checking the payments to ensure that remittance isn’t taken twice.

“Anyone who has been affected by a payment that has not been received should speak to their own bank, building society or another provider. No-one who has been affected by this issue will be left out of pocket,” they said.

By | 2018-11-12T13:05:38+00:00 July 12th, 2018|Banking, Personal Finance|0 Comments

About the Author:

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Felicity is a passionate advocate of simple living. Based in Scotland she was once a crime reporter, before moving on to obtain her degree in History. Felicity now focuses on business and financial journalism.

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