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Lloyds suffers Faster Payments System problems Lloyds suffers Faster Payments System problems
(35 minutes later)
The UK's largest banking group has hit difficulties with a system designed to see money transferred within a few hours into people's accounts. Lloyds Banking Group has suffered problems from the start of Monday with the Faster Payments System that transfers funds into and out of accounts.
Lloyds Banking Group has suffered problems since the start of Monday with the Faster Payments System that transfers funds into and out of accounts. The system is designed to see money transferred within a few hours into people's accounts.
This has had a knock-on effect for customers of other banks. The problem had a knock-on effect for customers of other banks.
Customers who face charges should contact their bank. However the bank said that as of 17:00 on Monday the problem had been resolved.
People should also avoid making second payments, in case these funds are transferred twice when the system is up and running again. "We are aware of an issue that affected some faster payments earlier today, and apologise to customers that were affected," said a bank spokeswoman.
A spokeswoman for the Payments Council, which oversees UK payments strategy, said: "We can confirm that Lloyds Banking Group is currently unable to send or receive customers' faster payments. "All other payment services were unaffected, ensuring that customers could continue to process the significant majority of transactions."
"This is the system that is used to process telephone, internet and standing order payments. This is not an issue for the central Faster Payments system, or any systems processing other types of payments, which continue to operate as normal. A spokeswoman for the Payments Council, which oversees UK payments strategy, said the problem had been with Lloyds Banking Group, which had not been able to send or receive customers' faster payments."
"We are working to support Lloyds Banking Group to ensure the issue is resolved as quickly as possible. Anyone experiencing problems should contact their bank." "This is the system that is used to process telephone, internet and standing order payments," she said.
Apology "This is not an issue for the central Faster Payments System, or any systems processing other types of payments, which continue to operate as normal."
A spokeswoman for the Halifax, part of the Lloyds Banking Group, said: "We are working hard to fix an issue that is currently affecting some faster payments. Faster transfers
"We apologise to customers affected by this, and we anticipate that the full service will be available later on Monday. All of our other payment services are unaffected by this issue, and customers can continue to process the significant majority of transactions." Lloyds said that all of its other payment services had been unaffected by the problem, and that customers could still process the "significant majority" of their transactions.
Under the scheme, launched in May 2008, money moved between two participating banks should clear within 24 hours.Under the scheme, launched in May 2008, money moved between two participating banks should clear within 24 hours.
The Faster Payments System was set up because bank customers found it frustrating that transferring cash from one account to another at a different bank would mean the money disappeared for a few days. The Faster Payments System was set up because bank customers found it frustrating that transferring cash from one account to another at a different bank took several days.
The problem seems to have originated at the weekend.The problem seems to have originated at the weekend.
Some bank customers have reported waiting for money, including wages, to be transferred into their accounts, and now not knowing when the payments will arrive. Some bank customers had reported waiting for money, including wages, to be transferred into their accounts, and now not knowing when the payments would arrive.