Banking with RBS

• Our service approach
• Your banking team
• Partners in the RBS Group
• Awards and market position
• Switching to RBS
• Agency Banks
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• Payment Initiatives
  • Single Euro Payment Area
  • Faster Payments
  • Cheque clearing

The Faster Payments Service will allow banks to provide same-day clearing of electronic payments such as fund transfers, bill payments and Standing Orders. Bank customers will be able to make low value payments on a near real-time basis.

The new Faster Payments Service will run alongside BACS and CHAPS, which will continue unchanged.

Same day payments

For inter-bank transfers there is currently a three day cycle between a payment being made and the recipient receiving the funds. The new service will reduce this to same day for eligible payments.

The new Faster Payments Service will accept same-day transactions all day and every day and will process single payments in near real-time, provided funds are available and the payments meet scheme rules. Diarised and Standing Order payments will be processed in the early hours of the morning, again on a same-day basis.

Using the Faster Payments Service

The Faster Payments Service will be live from 27 May 2008, shortly after which customers can use Bankline, our internet banking service, to process such transactions.

The service will give customers the flexibility and convenience of moving money between accounts or paying bills at any hour of the day or night.