Interesting to hear that the UK banks' fast payment system (FPS) goes live tomorrow. Sort of, as only around 13 financial institutions are with the program from day one and even then, only for smaller value payments.
Under the FPS program, both institutions must be on the FPS network for the transaction to go through within the two-hour target timeframe.
For the first week, HSBC UK is only allowing transactions of under £20.00 through on the system, and its credit card division won't hook up until November.
Nationwide is only allowing transactions for a fiver or less for the first few weeks, but is planning to allow all transactions through in the two-hour window fairly quickly.
The interesting aspect of the FPS service is that the two-hour window appears to operate in real time - in other words, if you send the money at 4am on a Sunday, it should reach the destination account and
be available to draw by 6am.
The proof, as always, will be in the pudding. I'm sure there will be teething troubles...