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Q:

What is a Faster Payment?

A:

Faster Payments is the UKs payment service for immediate payments. This is available 24 hours a day, 7 days a week.

Faster Payments are suitable for standard domestic payments of up to £250,000 that only require a payment reference of up to 18 characters.

They are generally the least expensive way to make domestic UK payments. The actual cost will depend on your payment.

There are 3 types of Faster Payment:

• Immediate — the money will leave your account immediately on approval and will usually be credited to the payee’s account near real time. 

• Next day — for payments to be made on the next day, the money will leave your account and be received in the payee’s account on that day. Next day payments are generally less expensive than immediate payments.

• Future dated — for payments to be made at least two days ahead, the money will leave your account and be received in the payee’s account on that day. Future dated payments are generally less expensive than immediate payments.

If you need to make a payment of more than £250,000 or need an extended reference than you should consider making your payment via CHAPS.  

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