FasterPayments & SCT Inst

#1

Hi,

So Revolut is great but anyone else feels like all the fancy details hide a lack of core functionality?
In other words, it sorta feels like driving a Bentley with a Peugeot engine. Disappointing.

We need to get rid of these crippling FasterPayments delays!
FPS should be instantaneous 90% of the time, the other 10% being under 2 hours. Revolut is NEVER instantaneous, and Revolut for Business is consistently over 3 hours for receiving.

In addition, SCT Inst (Instantaneous SEPA Credit Transfer) has been out since December 2017. Implementation is at the banks discretion. While I can understand why most of the dinosaurs in the EU haven’t upgraded yet, one could definitely expect a fancy Tech Unicorn like :r:, with the concept of fintech revolution literally embedded in their name, to make this a top priority.

Now we know, processing payments in real-time incurs a cost overhead.
Subscribing to a few FPS batches per day is more efficient than doing it in real-time, blah blah.
SCT Inst costs a lot per transaction, plus initial development costs, and our banking partner doesn’t support it anyway, blah blah.

Well, make it available to paid plans first, (Businesses too, we neeeeed that!), and if your partners are tortoises, change partners. Transferwise were slow before, now they’re plugged into the BoE.
You’re Revolut for christ’s sake, act like it!

Paying users get so-called Turbo transfers. Two-plus hours FPS and “old-school” SEPA SCTs aren’t exactly Turbo.

Swear to god I would upgrade my business to the next tier of it meant quick transfers, even though my revenue is < £50k/month. On a personal level I’d go Metal if it meant quick transfers too. Conversely I won’t renew my Premium sub if nothing changes.

Final random words: UK direct debits and 3D Secure.

tl;dr: CORE FUNCTIONALITY, not frigging Stocks, smh.

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#2

I have no inside knowledge but I have assumed that as payments go to Revolut via Lloyds/Barclays then the 2 step process was the cause of the delay? If so maybe not resolvable until they have their own banking licence?

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#3

It’s even more complex, I believe. As far as I understand the situation, local UK payments are processed by a 3rd party payment provider that provides the personal account numbers. It then ends up on a Lloyds/Barclays account and is allocated to the user’s wallet. And somehow, another party Modulr is involved, also providing services for the account. And that is just the set-up for GBP functionality.

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#4

Yep, UK sort code 23-69-72 belongs to Prepay Technologies Limited. They’re also the entry point for Tide and Monese, and none of those receive FPS instantly. Both are within the 2-hour window though.

Anyway, whatever providers :r: decide to use they are becoming such a big name that it has to change.
As a counter-example for technical/legal feasibility, Transferwise is an e-money institution as well and they’ve still managed to become a FPS Direct Participant. Even when they weren’t, incoming FPS were near-instant.

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#5

Even more reason for the delay I guess.

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#6

True, but their core business is transfers. I can see that this had higher priority for them. Also, transfers were never for free with them, just recently, withdrawals became free for some currencies. Revolut seems to have had different priorities. And maybe right now, there’s this milestone banking license looming. Could be that major infrastructure updates are postponed. Why changing something now when you have to deal with all the regulatory stuff again a couple of months later?

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