Longest Wait for a FP

The Faster Payments system itself takes 2 hours or less.

As has been said, any delay is caused by fraud checks etc. as the Payment Services Directive actually gives banks until the end of the next working day.

So theoretically, you could make a payment on the weekend and a bank would have until Tuesday to pay it.

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Yeah it was the checks - all resolved now

I had to contact them though

Yeah so it seems they were happy it was you off the bat. Checking the account opening rationale would be part AML and part social engineering. Better to do so on one contact where possible. Asking why you opened the account also helps them advise people who have become a money mule.

Now imagine trying to do this with Revolut/ Monzo/ Starling over chat.

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I do blame regulators, for making banks do it.

Santander so ask every time for “payment purpose” but the other screens are contextual, so usually only appear for new payees or particularly large transfers.

When it was BACS - it took 3 days (4 for some providers like Halifax and A&L) for the payment to arrive plus they could be easily recalled - so there was in-built fraud protection.

Fraudsters move to the next easiest target and the customer is generally the weakest link unfortunately

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Indeed!

BACS to Faster Payments was a huge improvement. That built-in fraud protection was the only benefit to an otherwise irritating delay. The trade-off there wasn’t worth it, so Faster Payment became available.

Fraud will always target the vulnerable or stupid, that’s how criminals will always target their efforts.

Slowing Faster Payments down, ultimately, would do little to change this and many people would likely get scammed anyway.