UK faster payments


#1

I know it has been mentioned several times in the past, but considering you are a mighty unicorn now and applying for banking licence and so on.

can you please improve your connection to faster payments. taking hours to receive a payment in the UK is completely unacceptable in 2018.


#2

FPS Direct Participant membership is a very closed circle. Transferwise just got their membership a few weeks ago, and they were founded two years before :r:.

Until then, challenger banks must route their FPS through direct participants, and get charged in the process.

I believe it is not cost-effective* to send and receive FPS in real-time because of that, so they must be subscribing to periodic batches.

On top of that, the mandated Direct Participant probably runs additional AML checks on these routed FPS since they haven’t KYC’d the counter-party themselves.

(*One could argue that Premium and Business customers should have priority access. Or to rephrase: what do we pay for “turbo” transfers then?)


#3

starling bank is directly connected and it’s only 1 year old. but you don’t need to be a direct participant to have a decent payment speed. there are many institutions out there with almost instant transfers

I am a business customer, we pay an important amount of money every month but I have no idea what does :r: actually mean by “turbo transfers”… they are all frustratingly slow.