Glossary item

Faster Payment

The Faster Payments Scheme was introduced in the UK in 2008. Depending on the details of the transaction, Bankline may route some of your single Standard Domestic payments via the Faster Payments Scheme. In Bankline a Faster Payment can be an ‘Immediate Payment', a ‘Next Day Payment' or a ‘Future Dated Payment'.

Faster Payments:

  • operate 24/7 365 days a year
  • transfer sterling credits only
  • enable single immediate payments, next-day payments, future-dated payments and standing orders
  • prevent payments from being recalled (once sent it can't be recalled)
  • have a limit of £250,000 per transaction
  • operate alongside BACS (three days) and CHAPS (UK same day)
  • process standing orders as same-day payments on working days.
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