Have all Banks/Building Societies signed up to the new Faster Payments Service?
The Banks and Building Societies who have signed up to the Faster Payments Service include Barclays, Danske (Northern Bank), HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Alliance & Leicester, National Australia Group, Northern Rock and Citibank. These Banks/Building Societies have confirmed they can receive a Faster Payment. However, some may not be able to send a Faster Payment yet. Instead they may have opted to undertake a phased roll-out for sending Faster Payments and standing orders. This means that although Coutts and other RBS group brands have the facility to receive Faster Payments in near-real time, they will only be processed in this timeframe if the initiating Bank/Building Society also has the ability to send a Faster Payment. Where they do not, payments will still be processed via the existing three day cycle.
