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Post by andrewholgate on Feb 25, 2014 7:07:55 GMT
Our system is a little clunky and is being reviewed at present with another bank.
The system sends us a file that we pick up and upload to lender accounts. I'm looking at ways of doing this more frequently. Our new system should allow for instant transfers.
The other option at present is GoCardless where you get instant use of the funds.
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Post by chris on Feb 25, 2014 8:38:08 GMT
It's worth adding that this is a limitation of the bank we use rather than anything at our end. We'd support live updates were it currently available to us, hence the review.
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oldgrumpy
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Post by oldgrumpy on Feb 25, 2014 11:14:37 GMT
I understood that the system would continue scanning the unfunded pre bids periodically after the auction opened, to ascertain whether the pre bids had been funded, then place that as a full bid or a shadow bid. pre bids would need to be cancelled before the auction opened to totally nullify them.
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Post by chris on Feb 25, 2014 12:18:35 GMT
paul123 - sorry the system didn't work as you expected but when the system was announced on this forum I did my best to make the process clear. See the announcement here: www.p2pindependentforum.com/thread/290/website-update?page=1I still think that's the only sensible way of running the system. When you place a prebid you are signalling to the system your intention to bid. That intention remains until you remove it, so the system will continue to try and place the bid until the end of the auction. This can be used to rebid funds that come in via loan repayments, bank transfers, go cardless transactions, etc. So if you don't want your prebids to convert to bids then you will need to delete them.
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bugs4me
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Post by bugs4me on Feb 25, 2014 14:20:55 GMT
paul123 - sorry the system didn't work as you expected but when the system was announced on this forum I did my best to make the process clear. See the announcement here: www.p2pindependentforum.com/thread/290/website-update?page=1I still think that's the only sensible way of running the system. When you place a prebid you are signalling to the system your intention to bid. That intention remains until you remove it, so the system will continue to try and place the bid until the end of the auction. This can be used to rebid funds that come in via loan repayments, bank transfers, go cardless transactions, etc. So if you don't want your prebids to convert to bids then you will need to delete them. I must be the dim one round these parts but I always understood the idea of pre-bids was to reserve your place in the queue so to speak so you didn't need to be in front of the PC/MAC when bidding started. If once the documentation is uploaded you don't like what you see then simply delete the pre-bid. If you're not around and the documentation is not there when the bidding actually starts then it would be prudent (in my case) to delete the pre-bid just in case. Sorry, I cannot see where the complication is.
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Post by chris on Feb 25, 2014 14:52:36 GMT
paul123 - don't want to give too much away but watch this space. There are big changes coming to the bid process to be announced at our lender event on 22nd March. We're targeting a go-live of the features on Monday 24th March. There'll be coverage on this forum and an official email as well. Ps. My very first post in the thread I linked covered the way the system works after an auction goes live with unfunded pre-bids. No need to read the full 12 pages.
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Post by badger on Feb 25, 2014 19:24:11 GMT
I would endorse the recommendation to use GoCardless - it's brilliant. Assuming you've got money in your current account (or even if not I suspect!), you can get money onto Assetz and make a bid within a minute or two. It's much quicker than any other platform I use.
Even if your bank doesn't do faster payments I guess you can still use GoCardless, as long as they do direct debits.
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Post by bracknellboy on Feb 25, 2014 20:06:01 GMT
...and each time you request a transfer, you get an email asking you to confirm it yes? no need to confirm, its just a confirmation email. I like gocardless, but am concerned about the marginal cost to AC (which at some point factors into operating costs which @ some point factors into rates etc. etc.). I suspect this is just interim until they get FP sorted out. But put it this way, if RS had gocardless in place I'd likely use RS more. FCs debit card system works well: its a bit slower to execute but is also instantaneous crediting. And TCs manual 'on trust' system is also perfectly adequate.
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mikes1531
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Post by mikes1531 on Feb 25, 2014 22:13:11 GMT
I did spend some time reading up about GoCardless. It looks ok but all that really happens is they facilitate a transfer and charge AC a percentage up to a max of £2. As long as that's the fee, it's peanuts. Unfortunately, SS have said that GC are trying to increase their charges to SS. It may be related to platform size -- SS is much smaller than AC -- but it could be something that AC have to worry about too. It may just be greed on GC's part -- AIUI, £2 would cover the usual interbank fees on debit card transactions and still provide a margin for GC.
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Post by chris on Feb 25, 2014 22:29:27 GMT
I did spend some time reading up about GoCardless. It looks ok but all that really happens is they facilitate a transfer and charge AC a percentage up to a max of £2. As long as that's the fee, it's peanuts. Unfortunately, SS have said that GC are trying to increase their charges to SS. It may be related to platform size -- SS is much smaller than AC -- but it could be something that AC have to worry about too. It may just be greed on GC's part -- AIUI, £2 would cover the usual interbank fees on debit card transactions and still provide a margin for GC. It is something that is on our horizon and we are exploring alternatives as for our type of platform GC are going to end up pricing themselves out of the market. They used to represent a cheaper alternative to the banks but with the price increase it actually swings back the other way. We are getting to the size now where there are other options available to us though so no doubt we'll come up with something cunning in the next few months.
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Post by GSV3MIaC on Jan 24, 2015 22:13:08 GMT
And did we come up with anything cunning? Best I can find on the website is the bank details required for me to do a faster payments 'push' from my bank end .. not very slick compared to FC, and now RS too.
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agent69
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Post by agent69 on Jan 25, 2015 9:57:02 GMT
And did we come up with anything cunning? Best I can find on the website is the bank details required for me to do a faster payments 'push' from my bank end .. not very slick compared to FC, and now RS too. For all their faults, it is very easy to get money quickly into FC when needed
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 25, 2015 11:59:25 GMT
This is one of the areas that AC seems to be massively lagging on. There seems to be considerably different interpretations of the FCA rules on depositing funds into client accounts. AC have taken a strict interpretation of the requirements for funds to be present and cleared in the account before they are available to the lender to deploy. SS consider a promise of a future transfer sufficient and ablrate allow debit card transactions, both of which are outside ACs interpretation of the rules. There also seems to be variance in the way banks operate the accounts, with it seemingly taking 24hrs for an FP credit to become visible to AC allowing them to credit the lender account, whereas Funding Secure seem to see the FP credit almost immediately. (Similiar inconsistency on withdrawls, SS/RS get cash to you in 24hrs, FC/Zopa take 3 days) I know AC have been trying to get a better solution of the ground for at least 6 months now, an interim debit card system has also been mooted, but it seems to be one of those things that the porcine aeronauts wont need to worry about for a while!  |
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Post by batchoy on Jan 25, 2015 16:00:05 GMT
This is one of the areas that AC seems to be massively lagging on. There seems to be considerably different interpretations of the FCA rules on depositing funds into client accounts. AC have taken a strict interpretation of the requirements for funds to be present and cleared in the account before they are available to the lender to deploy. SS consider a promise of a future transfer sufficient and ablrate allow debit card transactions, both of which are outside ACs interpretation of the rules. There also seems to be variance in the way banks operate the accounts, with it seemingly taking 24hrs for an FP credit to become visible to AC allowing them to credit the lender account, whereas Funding Secure seem to see the FP credit almost immediately. (Similiar inconsistency on withdrawls, SS/RS get cash to you in 24hrs, FC/Zopa take 3 days) I know AC have been trying to get a better solution of the ground for at least 6 months now, an interim debit card system has also been mooted, but it seems to be one of those things that the porcine aeronauts wont need to worry about for a while! Add AC to the FC/Zopa list for 3 day withdrawals. For FP deposits Wellesley are also in the immediate/minutes range plus you get a notification email when the deposit arrives in your holding account. Though promised from very early in the platform's life and the code reputedly having been written another weakness in AC's platform is the total lack of a notification system thus you are totally reliant on information posted here or you have to run through your loans on a regular basis checking all the tabs to pick up updates or pertinent questions and their answers.
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Post by GSV3MIaC on Jan 25, 2015 16:28:59 GMT
I can understand why most of them drag their feet on handing money out (t'was ever thus), but I would have expected them to be a little more excited about getting it in .. I guess the pace of AC auctions/sales is perhaps more leisurely than the 'real time' RS market (and even RS have not had debit card payments working for that long).
Or maybe AC are expecting payments of a size that the average debit card would malfunction at (I had to jump through multiple hoops last time I bought a car that way, and it wasn't even a seriously expensive one).
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