nush
Member of DD Central
Posts: 396 
Likes: 113
|
Post by nush on Mar 1, 2016 19:51:18 GMT
mine is now sorted, i dont have that much of a problem with it taking a couple of days, my problem was that i couldnt find the info telling me i would have to wait. with being able to convert QAA to cash in zero seconds i wrongly assumed that the cash would reach my bank account sometime the following day but because i didnt know i had to test it.
im happy now thanks to everyone for your replies
|
|
|
|
Post by eascogo on Mar 2, 2016 21:25:53 GMT
That used to be the case, but it's now next (working) day for me too. I've been testing it regularly this year.  My report was based on regular almost daily withdrawals. Just transferred today at 16.25h from FC to NatW. Will report when money lands. Yes pepperpot you're right, money landed today, so next working day seems to be the new deal.
|
|
bababill
Member of DD Central
Posts: 529
Likes: 245
|
Post by bababill on Mar 17, 2016 23:18:11 GMT
mine is now sorted, i dont have that much of a problem with it taking a couple of days, my problem was that i couldnt find the info telling me i would have to wait. with being able to convert QAA to cash in zero seconds i wrongly assumed that the cash would reach my bank account sometime the following day but because i didnt know i had to test it. im happy now thanks to everyone for your replies Agreed.. I just got caught out also.
|
|
|
|
Post by profunder on Mar 21, 2016 8:47:51 GMT
This charge sounds ridiculous and apparently affects your competitiveness wrt other platforms. Time to change your bank? I know some that would pay you £100 if you switch  Out of all the high street banks only three would even talk to us about possibly being our provider. The rest refused to deal with us because we were a P2P lender. Of those three only two were offering any electronic access to our accounts, and both have similar fees with one charging more per transaction but have a lower management fee and the other being the reverse. There's the option to connect directly via SWIFT but that is a ~£50k per annum fee on top of the access fees the bank themselves charge but comes along with a whole range of fiddly hosting requirements such as private VPNs and servers that have to be manually started. There are third party providers who presumably have economies of scale to make all that worthwhile such as MangoPay but then you look at their fees. A while ago I did a quick calculation on our busiest month vs their fees and it would have cost us something around £100k for that month. Even if they were affordable unless I misunderstand how they work using them would breach the client money regulations. The cheapest option is probably to employ someone to sit there and manually copy data between our system and the banks, but that's error prone and not practical above a certain size. So we have paid out to automated the depositing of funds and have a manually managed solution for withdrawals. Later this year we should hit the scale where we'll automate the outbound payments as well, we're just not there yet. Fidor Bank (https://www.fidorbank.uk/) should solve this problem next year, they are German although they have technically launched in the UK its a joke at this time. However the established Fidor Bank in Munich already has a FREE REST API which allows people to automate payments on their accounts, view extensive inbound payment details including Customer Name and sending account. Now imagine if we had that in the UK, you could send withdrawals and process credits in a matter of seconds. We need to support these banks where we can, but I don't think their UK offering will be of any help until mid 2017 based on their published development timeline. Get in Early and have a meeting, let them know you support these efforts. I know what your thinking.. yep they are a real bank!
|
|
|
|
Post by chris on Mar 21, 2016 14:53:37 GMT
Out of all the high street banks only three would even talk to us about possibly being our provider. The rest refused to deal with us because we were a P2P lender. Of those three only two were offering any electronic access to our accounts, and both have similar fees with one charging more per transaction but have a lower management fee and the other being the reverse. There's the option to connect directly via SWIFT but that is a ~£50k per annum fee on top of the access fees the bank themselves charge but comes along with a whole range of fiddly hosting requirements such as private VPNs and servers that have to be manually started. There are third party providers who presumably have economies of scale to make all that worthwhile such as MangoPay but then you look at their fees. A while ago I did a quick calculation on our busiest month vs their fees and it would have cost us something around £100k for that month. Even if they were affordable unless I misunderstand how they work using them would breach the client money regulations. The cheapest option is probably to employ someone to sit there and manually copy data between our system and the banks, but that's error prone and not practical above a certain size. So we have paid out to automated the depositing of funds and have a manually managed solution for withdrawals. Later this year we should hit the scale where we'll automate the outbound payments as well, we're just not there yet. Fidor Bank (https://www.fidorbank.uk/) should solve this problem next year, they are German although they have technically launched in the UK its a joke at this time. However the established Fidor Bank in Munich already has a FREE REST API which allows people to automate payments on their accounts, view extensive inbound payment details including Customer Name and sending account. Now imagine if we had that in the UK, you could send withdrawals and process credits in a matter of seconds. We need to support these banks where we can, but I don't think their UK offering will be of any help until mid 2017 based on their published development timeline. Get in Early and have a meeting, let them know you support these efforts. I know what your thinking.. yep they are a real bank! If any bank in the UK gave me a REST API then I would sit down just so I could fall off my chair in astonishment. The hoops we have to jump through at the moment... The only complication I can see is that most banks don't want to deal with P2P lenders so hopefully Fidor are different. One to watch.
|
|
|
|
Post by profunder on Mar 21, 2016 15:27:54 GMT
Fidor Bank (https://www.fidorbank.uk/) should solve this problem next year, they are German although they have technically launched in the UK its a joke at this time. However the established Fidor Bank in Munich already has a FREE REST API which allows people to automate payments on their accounts, view extensive inbound payment details including Customer Name and sending account. Now imagine if we had that in the UK, you could send withdrawals and process credits in a matter of seconds. We need to support these banks where we can, but I don't think their UK offering will be of any help until mid 2017 based on their published development timeline. Get in Early and have a meeting, let them know you support these efforts. I know what your thinking.. yep they are a real bank! If any bank in the UK gave me a REST API then I would sit down just so I could fall off my chair in astonishment. The hoops we have to jump through at the moment... The only complication I can see is that most banks don't want to deal with P2P lenders so hopefully Fidor are different. One to watch. Yes they are different, in fact in Germany they already have crowdfunding and Bitcoin customers. Check docs.fidor.de/#introductionIf the same API comes to the UK, where the API shows in clear JSON objects senders IBAN and full name, I will have a mini orgasm
|
|
|
|
Post by chris on Mar 21, 2016 15:40:07 GMT
If any bank in the UK gave me a REST API then I would sit down just so I could fall off my chair in astonishment. The hoops we have to jump through at the moment... The only complication I can see is that most banks don't want to deal with P2P lenders so hopefully Fidor are different. One to watch. Yes they are different, in fact in Germany they already have crowdfunding and Bitcoin customers. Check docs.fidor.de/#introductionIf the same API comes to the UK, where the API shows in clear JSON objects senders IBAN and full name, I will have a mini orgasm I may have to join you in that (in a different location of course!).
|
|
capucino
Member of DD Central
Posts: 90
Likes: 40
|
Post by capucino on May 26, 2016 9:40:01 GMT
Currently It takes me 2 days to have the cash in my bank account. I submited a withdrawal request on Monday morning and it was executed on Wednesday by fast payment. I understand it has to be processed manually and the need for the AML checks but if it is the same account as usual is used, why my withdrawal was not executed on Tuesday?
|
|
wysiati
Member of DD Central
Posts: 397
Likes: 86
|
Post by wysiati on May 28, 2016 9:55:22 GMT
Currently It takes me 2 days to have the cash in my bank account. I submited a withdrawal request on Monday morning and it was executed on Wednesday by fast payment. I understand it has to be processed manually and the need for the AML checks but if it is the same account as usual is used, why my withdrawal was not executed on Tuesday? As mentioned elsewhere, AC back office has stated that it sends withdrawn funds as a next day payment, so not a true faster payment service as many would now understand it. In your case the timings, if following this pattern, would suggest that the withdrawal was processed on the Tuesday and sent as a next day payment, arriving on the Wednesday.
|
|
capucino
Member of DD Central
Posts: 90
Likes: 40
|
Post by capucino on May 28, 2016 15:07:55 GMT
Currently It takes me 2 days to have the cash in my bank account. I submited a withdrawal request on Monday morning and it was executed on Wednesday by fast payment. I understand it has to be processed manually and the need for the AML checks but if it is the same account as usual is used, why my withdrawal was not executed on Tuesday? As mentioned elsewhere, AC back office has stated that it sends withdrawn funds as a next day payment, so not a true faster payment service as many would now understand it. In your case the timings, if following this pattern, would suggest that the withdrawal was processed on the Tuesday and sent as a next day payment, arriving on the Wednesday. My bank Halifax says it was an FPI, Fast payment incoming. This means the payment was executed on Wednesday, 2 days after my instruction. Maybe someone from AC can help clarify?
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on May 28, 2016 15:19:06 GMT
As mentioned elsewhere, AC back office has stated that it sends withdrawn funds as a next day payment, so not a true faster payment service as many would now understand it. I didn't realise that there was such a thing as a 'next day payment'. IIRC, there were two options in the old days -- same-day CHAPS, and 2-3 working days BACS. Is there another option now? Is BACS still in operation? Might it have been speeded up and transformed into a next-day service?
|
|
|
|
Post by davee39 on May 28, 2016 16:16:36 GMT
As mentioned elsewhere, AC back office has stated that it sends withdrawn funds as a next day payment, so not a true faster payment service as many would now understand it. I didn't realise that there was such a thing as a 'next day payment'. IIRC, there were two options in the old days -- same-day CHAPS, and 2-3 working days BACS. Is there another option now? Is BACS still in operation? Might it have been speeded up and transformed into a next-day service? Faster payments credits accounts within 2 hours of a Bank receiving an instruction, immediate if transactions are both with the same Bank. Many non Bank institutions aggregate the withdrawal instructions at the end of the day, and transmit them to their bank at some point overnight. The receiving banks process these under faster payments, effectively appearing next day. BACS is alive and well and still operating on the third working day cycle. With AC operating a manual withdrawal process there appears to be an occasional delay where a Monday withdrawal request takes an extra 24 hrs, appearing on Wednesday & looking like the BACS timetable.
|
|
gt94sss2
Member of DD Central
Posts: 281
Likes: 137
|
Post by gt94sss2 on Mar 29, 2017 17:55:06 GMT
The cheapest option is probably to employ someone to sit there and manually copy data between our system and the banks, but that's error prone and not practical above a certain size. So we have paid out to automated the depositing of funds and have a manually managed solution for withdrawals. Later this year we should hit the scale where we'll automate the outbound payments as well, we're just not there yet. Its been a year since the above post - is there any further news on automating outbound payments or making the withdrawal process faster via other means?
|
|
