boble
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Post by boble on Jun 1, 2016 10:00:32 GMT
Many investors be delighted to learn that Saving Stream are currently working very hard with their bank to set up a live link which will enable credits received into their bank to show on Saving Stream's investor accounts almost instantly.
This is taking longer for SS to set up than initially anticipated, due to the resolution of a number of security issues, however, I am assured it is happening.
In practice, this will mean that funds received into Saving Stream's bank by Fastpay will show in the investor account almost immediately, however, payments sent by BACS will have to clear the banking system in the usual way.
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Steerpike
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Post by Steerpike on Jun 1, 2016 10:03:57 GMT
In which case presumably we can expect this to herald the end of INPL.
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adrianc
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Post by adrianc on Jun 1, 2016 10:32:29 GMT
In which case presumably we can expect this to herald the end of INPL. Boo! But you can kinda see the logic...
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SteveT
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Post by SteveT on Jun 1, 2016 10:36:02 GMT
In which case presumably we can expect this to herald the end of INPL. Maybe, or perhaps simply a much tighter window to deposit funds to "complete" a purchase transaction, which could remain "pending payment" for a few hours without fully crediting the loan part to the buying lender.
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Post by chrisj on Jun 1, 2016 10:38:24 GMT
I think they should keep the INPL but with this system you could have to pay before 00:00 thus only getting interest for what you actually pay for. On the SM you dont have time to transfer funds then buy LOL.
I also dont know how it would work with pre-funding since you dont know what you get until you get it.
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boble
Posts: 150
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Post by boble on Jun 1, 2016 10:38:53 GMT
In which case presumably we can expect this to herald the end of INPL. I would say not necessarily, as INPL remains a significant benefit, however, i guess this could happen as the platform continues to evolve and adapt; which is essential to the success of any good business.
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Post by wiseclerk on Jun 1, 2016 10:48:02 GMT
INPL would still be an important feature for international investors, which are quite numerous on SS (I think)
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Post by harvey on Jun 1, 2016 10:52:41 GMT
No good to me then I'm a BACS Guy.
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freddy
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Post by freddy on Jun 1, 2016 11:06:32 GMT
It would be nice to see withdrawals handled automatically and with the same speed.
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boble
Posts: 150
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Post by boble on Jun 1, 2016 11:16:06 GMT
It would be nice to see withdrawals handled automatically and with the same speed. Agreed! Probably very complex to set up; however, let's watch that space . . . . .
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Jun 2, 2016 15:08:03 GMT
Many investors be delighted to learn that Saving Stream are currently working very hard with their bank to set up a live link which will enable credits received into their bank to show on Saving Stream's investor accounts almost instantly. This is taking longer for SS to set up than initially anticipated, due to the resolution of a number of security issues, however, I am assured it is happening. In practice, this will mean that funds received into Saving Stream's bank by Fastpay will show in the investor account almost immediately, however, payments sent by BACS will have to clear the banking system in the usual way. How do you know that? Also I think some P2P (AC?) said such thing will cost gazillions. How is SS working around the cost of that?
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MarkT
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Post by MarkT on Jun 2, 2016 16:15:28 GMT
As a new investor I've been crediting my account fairly frequently over the last 12 days and it is, pretty much, same day if done first thing in the morning or previous evening.
There doesn't seem to be much benefit in having a live crediting system if it's going to cost a load of money to implement, unless SS foresee a large increase in investors in the near future.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 3, 2016 10:24:27 GMT
I am surprised that this needs any involvement from their bank. Providing they have on-line access to their account (like I have had for 15+ years) why can't they simply write their code to interrogate it? Some cost, if they don't do their own IT, but not a lot.
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Post by ogwellian on Jun 3, 2016 10:30:27 GMT
Just got a 'please resolve negative balance' email for yesterday's prefund which I FPed almost immediately.
Makes me feel a bit naughty, even though I'm doing things correctly.
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locutus
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Post by locutus on Jun 3, 2016 10:36:01 GMT
I am surprised that this needs any involvement from their bank. Providing they have on-line access to their account (like I have had for 15+ years) why can't they simply write their code to interrogate it? Some cost, if they don't do their own IT, but not a lot. That is possible (known as screen scraping) and is a really poor, brittle and easily broken integration. They need permission from the bank to use secure APIs so that their servers can talk directly to the bank's with an agreed interface subject to a contract that won't change arbitrarily.
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