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Post by Deleted on Feb 1, 2016 17:47:10 GMT
The batch program didn't run last night, and when kick started this morning has been running slowly today. That said, the system is running correctly just behind where it should normally be. Settlements will be completed today (right now I can see monthly is complete, but not yet 5-year money). So other than tardiness, nothing financially to worry about (in fact last chance to catch a spike!) Apologies, the relevant people have been suitable embarrassed... Kevin. Ok, this may seem like a minor point, but how can the 'batch program not run last night'? Surely it is run automatically, not manually? And if it stalls or crashes for some reason, why aren't alarms and klaxons going off for the relevant staff? Seems very poor monitoring for a system that is absolutely critical for Ratesetters business
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teddy
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Post by teddy on Feb 1, 2016 17:52:42 GMT
Is the 5 year market matching for anyone? Ended up depositing and investing my as yet uncredited 5yr repayment, but it's just sitting there.
If repayments weren't credited last Friday, why wasn't the batch run over the weekend as an emergency measure, and the problems solved before today?
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alender
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Post by alender on Feb 1, 2016 17:53:36 GMT
I wonder how many lenders rely on repayments to pay their direct debits at the start of the month. I suppose that someone who has a mortgage payment due today and was relying on RS to fund some/all of it via a monthly sum which had always arrived in the past might possibly try for compensation - the banks did pay out in those circumstances when their systems went down for days (can't remember which ones, but it happened several times). Not sure it is a good idea to rely on payments from P2P to pay bills etc (direct debits for regular savings maybe), if people are, I am not certain they are taking into account the risks with P2P and may well be in the wrong type of investment. However I think there is a case for some small compensation for loss of overnight interest/inconvenience but while it is a nuisance and does not help RS reputation P2P is still new area operated by relatively small companies (in terms of the financial world) and has been mentioned the big players like RBS and HSBC to name but a few have made mistakes. For me the way mistakes are dealt with is as important as trying to prevent them in the first place. I would far rather a company holds it hands up and tells us what the problems are and when they will be fixed than some standard PR excuse. At present RS do seem to be keeping us informed and some of the spikes in interest rate seen today are probably due to the current issues. It looks to me that some people lost out on an opportunity because their funds were late in arriving that would not have existed if the funds arrived as expected, still annoying for those people.
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teddy
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Post by teddy on Feb 1, 2016 17:54:28 GMT
The batch program didn't run last night, and when kick started this morning has been running slowly today. That said, the system is running correctly just behind where it should normally be. Settlements will be completed today (right now I can see monthly is complete, but not yet 5-year money). So other than tardiness, nothing financially to worry about (in fact last chance to catch a spike!) Apologies, the relevant people have been suitable embarrassed... Kevin. Ok, this may seem like a minor point, but how can the 'batch program not run last night'? Surely it is run automatically, not manually? And if it stalls or crashes for some reason, why aren't alarms and klaxons going off for the relevant staff? Seems very poor monitoring for a system that is absolutely critical for Ratesetters business Agree entirely. This makes me very worried about the competence of Ratesetter. I suspect there might be something we're not being told here.
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adrianc
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Post by adrianc on Feb 1, 2016 18:01:05 GMT
teddy... I'm really not sure you're in the right kind of financial product here, if something like this is worrying you so hard.
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alender
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Post by alender on Feb 1, 2016 18:06:20 GMT
Looks like there is over 3.5m of 1 month at MR money waiting for lenders probably placed by the overnight run, I suspect this is mostly roll over loans. Usually you see the higher Monthly lend offers being scooped up by this sometime during the day until it is all gone, as it has now passed the end of the financial day not sure where this leaves RS.
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ben
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Post by ben on Feb 1, 2016 18:09:42 GMT
teddy ... I'm really not sure you're in the right kind of financial product here, if something like this is worrying you so hard. I agree, look at all the big banks that have IT issues all the time, annoying but it happens
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Post by Deleted on Feb 1, 2016 18:16:57 GMT
Well, this is a good indicator of how little slack RateSetter have in their current systems, if an overnight batch failure essentially takes an entire business day to fix.
The big problem being - RateSetter day staff have effectively lost a days work, so tonights batch will have to run without that manual processing (if possible, or RateSetter staff will be having a late night), we are getting into a position where a single days failure could potentially cause a multi-day backlog.
RateSetter really need to think about scaling their systems properly. In the 'fintech' revolution, a little less focus on 'fin', and a bit more on 'tech', seems to be in order here.
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jonbvn
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Post by jonbvn on Feb 1, 2016 18:24:52 GMT
Well, this is a good indicator of how little slack RateSetter have in their current systems, if an overnight batch failure essentially takes an entire business day to fix. The big problem being - RateSetter day staff have effectively lost a days work, so tonights batch will have to run without that manual processing (if possible, or RateSetter staff will be having a late night), we are getting into a position where a single days failure could potentially cause a multi-day backlog. RateSetter really need to think about scaling their systems properly. In the 'fintech' revolution, a little less focus on 'fin', and a bit more on 'tech', seems to be in order here. Very true. A few days like today could be quite disastrous. Oh and -1 for poor PR - no official communication on this issue. Guess everyone must be flat out doing Rhydian's expenses from Davos
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agent69
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Post by agent69 on Feb 1, 2016 18:27:52 GMT
Still not had my 3 yr repayments, let alone my 5yr. Getting a bit angry about this now. Will there be compensation offered? Hope you're not invested with TC. They typically take 3 - 4 days to carry out the payment run (think they use a tortoise rather than hamster to power the mill)
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c88dnf
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Post by c88dnf on Feb 1, 2016 18:30:58 GMT
Interest payments still not received (18.30 Feb 1st), but my bank account has been credited with last Friday's withdrawals.
Applying electrodes to the hamsters must have worked.....
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agent69
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Post by agent69 on Feb 1, 2016 18:34:36 GMT
Interest payments now all received (18.30 Feb 1st) and my bank account has been credited with last Friday's withdrawals. Applying electrodes to the hamsters must have worked..... I've still got nowt.
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alender
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Post by alender on Feb 1, 2016 18:35:46 GMT
Well, this is a good indicator of how little slack RateSetter have in their current systems, if an overnight batch failure essentially takes an entire business day to fix. The big problem being - RateSetter day staff have effectively lost a days work, so tonights batch will have to run without that manual processing (if possible, or RateSetter staff will be having a late night), we are getting into a position where a single days failure could potentially cause a multi-day backlog. RateSetter really need to think about scaling their systems properly. In the 'fintech' revolution, a little less focus on 'fin', and a bit more on 'tech', seems to be in order here. I am someone who has worked in the technical side of banking for a lot of my life, I have given it up now because the reduction of my rates and the hassle caused by out sourcing. From what I have seen and heard expect a lot more problems from large financial organisations as they cut costs/out source with little regard to IT reliability as the upper managment play fast and lose to make themselves look good by cuting costs. We cannot expect RS to be perfect, let see how they handle this issue, when we had serious issues we did not go home until they wee fixed.
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alender
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Post by alender on Feb 1, 2016 18:42:50 GMT
Looks like there is over 3.5m of 1 month at MR money waiting for lenders probably placed by the overnight run, I suspect this is mostly roll over loans. Usually you see the higher Monthly lend offers being scooped up by this sometime during the day until it is all gone, as it has now passed the end of the financial day not sure where this leaves RS. Looks like to Roll Over loans have started to be funded now, ususally occurs at about 1:30am.
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Post by Deleted on Feb 1, 2016 18:45:24 GMT
We cannot expect RS to be perfect, let see how they handle this issue, when we had serious issues we did not go home until they wee fixed. Sure, but I hope they realise that, with all the focus on new business and more money (500 million milestone!!! 1 billion milestone!!! etc), they are rapidly reaching the point where they need some serious technology scaling too. A business critical overnight batch run that takes more than a full business day to rerun is really not a good place to be.
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