Further to the recent consolidation of our payments traffic through a single banking provider, it has become evident that the parties involved in the processing of payment instructions are currently unable to provide a guarantee as to their ability to do so in a manner which is consistent with our current cut-off time and value date targets. In order to manage customer expectations, and to give the parties processing our payments more time in order to fulfil their roles, we have made the hard decision to amend our payment cut-off times and value date rules.
With effect from Monday the 5th August we will no longer be able to make International/SWIFT payments with same day value, all payments will be processed on a T+1 basis. The cut-off time for processing these payments will move back to 14:00.
GBP domestic payments (BACS, CHAPS and Faster Payment) will remain unchanged, with same day processing and a 12:00 cut-off time.
We would like to assure clients that we are doing all we can to try to minimise disruption of service at this time, we can confirm that we are working on dramatic changes to our operating model which we hope to have rolled out towards the end of Q3. These changes will see our payment offering dramatically improved and our service levels back to the high-standard that you have previously been accustomed.
In the meantime please bear with us, allow additional time for any payment types affected by these changes and if you have any questions please do not hesitate to contact us. We sincerely thank you for your understanding.
Payment Cut-off Times and Value Date Rules:
GBP Domestic Payment | 12:00 | Same day (BACS credit value T+2)
All other payments | 14:00 | T+1 (funds will be debited from your account day 1, but may not be processed by our bank until the following working day).