Smile launch faster payments

Smile! (Week 14) by cybertoadChanges are afoot in UK banking. I just received an email from Smile telling me about faster payments.

Dear Callum

At smile we’re always looking at ways we can improve the service we offer you. This is why we’re pleased to tell you about Faster Payments. The Faster Payments Service will speed up the way you make and receive electronic payments. It means, in most cases, the beneficiary will receive the payment in two hours, instead of the usual three working days it takes currently.

In future you will be able to use the Faster Payments Service to make funds transfers, including, future dated transfers, bill payments and standing orders.

The service will be free – and you don’t need to do anything to benefit. All eligible payments will automatically go via the Faster Payments Service once it becomes available for your account.

The official industry launch happened at the end of May 2008. However the Faster Payments Service is one of the most complex services introduced in recent times and we want to make sure it’s fully functional before making it available to our customers. Along with many other banks we will be conducting a phased introduction over several months, so it may not be available until early next year.

Visit http://www.smile.co.uk/faster for more details.

Yours sincerely,

The smile team

The email was also followed with this rather nonsensical disclaimer:

This e-mail is intended solely for the addressee and is strictly confidential. If you are not the addressee, please do not read, print, re-transmit, store or act in reliance on it or any attachments. Instead please e-mail it back to the sender and delete the message from your computer.

As you’ll notice I chose to ignore that! 👿

2 thoughts on “Smile launch faster payments”

  1. Yes, I just phoned about this: they’re available for up to £100 payments at the moment, because Smile is a bit paranoid that the new system won’t work (or, if you’re of a cynical bent, it still likes to have the interest from your money in transit).

    1. Oh well, some progress I suppose. I dare say once the system works all payments will move over eventually. Here’s hoping anyway!

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