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RBS payments issue – June 2015

Posted on 18 Jun 2015 by Mat Gazeley

We are working with RBS to understand the extent of how we have been affected and will make sure there is minimal impact on our customers.

We want to reassure customers that this is not a failure on Zopa’s platform but it has unfortunately affected payments to both borrowers and lenders here at Zopa via our payments provider RBS.

We want to apologise to our customers affected as this has impacted the high levels of customer service we strive to achieve in matching funds on our platform.

Loans for borrowers

The issues have affected a number of loans that were due to reach accounts on Wednesday 17.06.15 and we believe that it applies only to RBS, NatWest and Ulster Bank accounts. Customers with other bank accounts should have received funds, however we are waiting for RBS to confirm.

RBS have informed Zopa that any delayed funds will reach accounts by Saturday 20.06.15 at the latest. Again we apologise to borrowers that were expecting to receive their loan sooner.

Repayments for lenders

At present repayments from Wednesday 17.06.15 appear to be affected and we expect these repayments to clear by Saturday 20.06.15. There is likely to be a further delay in processing these repayments and we are working with RBS regarding ongoing repayments.

Any funds withdrawn from My Zopa on Monday 15.06.15 have also been affected and we expect these to be processed by Saturday 20.06.15. It is not confirmed but we believe that only RBS, NatWest and Ulster Bank customers are affected. We are waiting for RBS to confirm these transfers were successful.

We will of course provide further updates via this blog post as soon as we have them.

Many thanks for your patience and apologies from the Zopa team.

Category: Service updates

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