Faster Payments enablement guide - NatWest

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Option 1 – Merged CAS file Impact With this option, Faster Payments will be included within your existing CAS file. Impacts and changes required are detailed in the previous slide but details specific to the merged CAS file are detailed below: Your sort code will be enabled on the Industry Sort Code Directory (ISCD) The file you receive will now also contain the following types of Faster Payment with new transaction codes: Code 68 – Faster Payment Incoming Credits Code 69 – Faster Payment Return Credits Code 40 – Faster Payments Reversal Debits (see Appendix A ) The file availability time will now be 19:30 and this may be later than you currently receive your CAS file If you receive a merged CAS file, you can decide at any time to migrate to a separate Faster Payments file. Parallel running (receiving both files concurrently) will be available on request for one month to assist your testing and transition. Changes Required A new bulk credit will be posted to your settlement account each day for Faster Payments. Since the Faster Payments value date is the same day, your CAS file will reconcile against settlement transactions over two business days: Faster Payments settlement – same day as the file is made available Bacs Credits settlement transaction – business day after the file is made available Credit Clearing settlement transaction – business day after the file is made available. File Frequency: Weekly, Fortnightly or Monthly Reports As Faster Payments may be received at anytime during the day, you will be required to take a daily file for Faster Payments. If you currently take your file less frequently than once a day, you can continue to do so for Bacs and Credit Clearing. Although we will generate a Faster Payments file every day, you will still have the option of collecting several files at once at your regular scheduled frequency instead of picking them up each day. You should bear in mind your customer proposition once real-time fund transfers become established. File name A new file name will be created for the merged CAS file and your internal systems will need to be updated to recognise this. File availability time If you currently download your CAS file before 19:30, you will need to change your scheduling to retrieve the file after 19:30. If you process files on an overnight batch basis, you should check the timing of this process. 6 Reversals Reversal transactions may be received. These will be included in your CAS file with a transaction code of 40.
Option 2 – Separate Faster Payments file(s) File collection: Daily Reports As Faster Payments may be received any time during the day, we will make files available more frequently than once a day, to ensure customers who need regular information have this when required. To ensure you can reconcile all payments received into your Collection Account sort code, the bulk credit cut-off time will be 18.30 daily and the bulk credit will be posted overnight to your settlement account. To assist your reconciliation, you will be required to take a mandatory file after 18.30 each day. You will have the option of selecting up to five files per day at the following times: File cut off time Latest time file available Optional or Mandatory file Types of payments received 07.00 08.00 Optional Standing Orders >90% of total Forward Dated payments and SIPs 12.00 13.00 Optional Standing Orders, Forward Dated payments and SIPs 15.30 16.30 Optional Standing Orders, Forward Dated payments and SIPs 18.30 19.30 Mandatory All Faster Payments received intra day or the balance if taking other files throughout the day 22.00 23.00 Optional SIPs received since 18.30 Impact A separate file may assist your reconciliation as all transactions in the file will be Faster Payments, and therefore kept separate from other payment types in your existing CAS file. The value date for the Faster Payments file will be the same date as the file is received. Your existing CAS file is provided on Day 2 of the 3-day clearing cycle. By taking separate Faster Payments files, you can use these to update your customer accounts/records on the same day they are received. Changes Required File name New file names will be created for Faster Payments files incorporating the file cut-off time. Your internal systems will need to be updated to recognise the new file names. File collection time Files will now need to be collected at the selected times, including the mandatory file after 18:30. Your existing CAS file will be available at the usual time. Reversals Reversal transactions may be received. These will be included in your file. 7
Page 1 and 2: Faster Payments enablement guide Na
Page 3 and 4: Receiving Faster Payments Existing
Page 5: Faster Payments options As a result
Page 9 and 10: Appendix A: Faster Payment Reversal

Faster Payments enablement guide - NatWest

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