Payment Redirection

From the 16th September 2013, the Current Account Switching Service comes in to effect. When a payment is made to a switched bank account, it will be transferred to the beneficiary’s new account, from the date the account is closed. For more information about the Current Account Switching Service, please visit the Payments Council Website.

If the account you have sent the money to has switched, the new bank account details will be displayed on the Faster Payment Redirect Report, on the following working day.

Why should I check this?

The report provides you with sufficient authority to update the beneficiary’s bank details, so any future payments can be sent directly to the new account.

Although the payments will automatically be forwarded to the new bank details for a maximum of 13 months, you should update the beneficiary details as soon as convenient to ensure that no payments are rejected after this time.

The report will be displayed in Statements and Reports > Faster Payment Redirect Report, on the day after the payment send date, so please check this report regularly.

When you check the report, the following details of the payment are shown:

  • Beneficiary Name
  • Old/Existing Bank Details
  • New Bank Details
  • Payment Reference
  • Amount

You should save the report or make a note of the new bank account details as you will need these shortly.

What do I update?

Once you have recorded the beneficiary details from the report, you should follow one of the procedures below.

To amend existing Beneficiary details:

As you are not able to amend an existing beneficiary, you will have to delete the old beneficiary, and re-add them with the new details.

  1. Log in to Business Online Banking
  2. Click Beneficiaries in the left hand margin
  3. Click Beneficiary Search
  4. Click the Print Preview button
  5. Find the existing beneficiary in the list (you can navigate between pages by using the Next page and Previous page buttons)
  6. Click the underlined Beneficiary ID
  7. You will now need to note the beneficiary details (Name, Address, Payment Details/Reference)
  8. Click the Back button at the bottom of the page to return to the Print Preview screen
  9. Click the Back button at the bottom of the page to return to the Beneficiary list
  10. Tick the box to select the beneficiary you have just viewed
  11. Click the Remove Beneficiary button at the bottom of the page
  12. You will be prompted for some optional remarks, and your token details for security
  13. Once you’ve entered these details, click the Confirm button
  14. You should see a confirmation message at the top of the page
    [1623] Beneficiary(s) removed Successfully. Beneficiary ID: xxxxxxx
    where xxxxxxx is a system reference for the specific beneficiary.
  15. To re-add the beneficiary,
  16. In the left hand margin under Beneficiaries, click Add Beneficiary
  17. Enter the beneficiary details you recorded above, and add the NEW bank details from the original report
  18. Click the Add button
  19. Enter your token details as directed on the page
  20. Click Submit
  21. Check the message at the top of the page to ensure it submitted correctly
    [77095] Beneficiary Added Successfully.

To amend future dated or recurring payment details:

  1. Click UK Payments
  2. Click the Scheduled Payments option in the left hand margin
  3. Find your payment in the list, and tick the tick box to the left of the payment
  4. Click the Edit button
  5. Update the account number and sort code
  6. Click the Find Bank button to update the bank name and address details (and to verify the sort code is correct)
  7. Select Pay without creating a beneficiary or Pay and create a new beneficiary
  8. Click the Next button
  9. Check the details on the page to ensure they’re all correct, and then click the Submit button
  10. Enter your token details as described on the page and click the Confirm button to update the payment (You may need to choose the Next Authorizer if you have approvals)
  11. Check the message at the top of the page to ensure it updated successfully
    [1219] Payment submitted for processing on 23/09/2013. [1218] The payment reference is xxxxxxxx
    where xxxxxxx is a system reference for the specific payment.

If you create a new beneficiary, remember to remove the old beneficiary using steps 2-14 from the list above.