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Very pleased to be part of this announcement today! Our network of referal partners is growing - get in touch if we can assist.

There is in fact a feature within Faster Payments that would greatly reduce the number of misplaced bill payments whereby the receiving company could sit in on the transaction flow and accept or reject the payment. This way if the customer omitted or miss-keyed the reference data required the receiving company could reject the payment and therefore not have the manual effort and bad customer experience of chasing up bad debt that has in fact been paid. The other added benefit is the receiving company would get real-time information on customers paying them.

I've been a Barclays on-line bank user for many years and think their 2-factor system is excellent.  I have far too many passwords to remember and on-line banking is the one you really do not want to be the same as all the others.  Barclays clearly did listen to their customers as I only have to authenticate again for a new payment and not one that has been set-up previously.

Just look at The Netherlands - it's worked fine for them for much longer and they do not have the same level of phishing issues we have.  The sooner the banks roll this out to everyone the better (and the phishers can stop spamming the UK and focus on the next weakest country).

Also, if/when the UK banks launch a new payment system like iDEAL, giropay, SVP, etc they will need this level of authentication to secure the transaction.