In what circumstances could a Faster Payment be delayed or rejected?
The majority of payments should normally be processed without delay, however, transactions considered unusual to the normal operation of the payers account will be referred for further investigation. If this occurs the payment will not be sent until the investigation has been completed. Payments sent faster will be reviewed by the beneficiary customers bank who may not be able to accept the payment. For example, where an account has been closed the payment will be automatically rejected and show as a correcting entry in the payers account. Rej and a four digit code will be displayed in the narrative of the correcting entry. Where the beneficiary bank elects to manually review a transaction prior to applying it to the payees account, they have an option of returning the payment to the payer. If this occurs, a correcting entry will be displayed in the payers account. Ret and an eight digit code will be displayed in the narrative of the correcting entry. Explanations of the codes are avai
