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Faster Payments Service - Frequently Asked Questions

Faster Payments

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How long will it take for a Faster Payment to go from one Bank to another?

The system enables you to use the branch, internet or telephone to make a payment that will reach the beneficiary bank account within a few hours. For internet and telephone services this service is available all day every day and means that you have the convenience of moving money between accounts within a few hours of initiating the payment, seven days a week. In branches the service is available during branch opening hours.

The new system also speeds up Standing Order payments – money moves from your account on the due date and arrives at the beneficiary’s account on the same day.

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When will my payment go faster?

Standing orders, branch, internet and telephone banking payments are processed faster when:

  • sufficient funds are available in your account
  • the sorting code of the beneficiary bank is a member of the Faster Payment Service
  • the payment amount is within the faster payment scheme limits
  • correct beneficiary account details are entered
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Can I amend or cancel a Faster Payment once it has been sent?

No, once a Faster Payment has been sent you cannot amend or cancel it.

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What are the scheme transaction limits for Faster Payments?

This information is available on UK Payments website.

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What do I need to enter to set up a Faster Payment?

It is important that you ensure the correct instructions are entered, as payments are directed by sort code and account number.
Sort code (e.g.151000) the six digit number which identifies the bank or institution at which the payee holds their account
Account Number of the beneficiary account
Unlike BACS, payments to the incorrect destination cannot be recalled.
Incorrect sort code and account number details may also result in your payment not being processed.

To create a payment in the Branch you will need to present your debit card to the member of staff. N.B. The debit card must be either Chip & Pin or Chip & Signature.

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How will I know if my payment is to be processed faster?

When a payment is created online, text is displayed indicating the expected settlement period. Likewise, branch staff and telephony agents are able to provide this information to you.

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What are the different types of Faster Payments?

There are three types of payment instructions:

  • Single Immediate Payments – this is a single payment, created via the branch, online or telephone banking, that you want to make immediately
  • Future Dated Payments - this is a single payment, created via the branch, online or telephone banking (including Notice Account withdrawals or transfers between accounts) that you want to pay on a particular date in the future
  • Standing Orders – this is an instruction you give to your Bank or Building Society to make payments, on a regular basis, to a specified third party’s UK Bank or Building Society account.
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How does Faster Payments affect Direct Debits?

Direct debits are not affected as they are not part of the Faster Payments Service.

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What are the cancellation timescales for Faster Payments and when will they take effect?

Standing Orders

The cancellation notice has not changed as a result of the Faster Payments Service. To cancel Standing Orders you must give a minimum notice of three working days.

For example, if a payment is due to leave your account on a Friday; the final opportunity to cancel the mandate is by close of business on the Tuesday (three working days notice).

If you do not give sufficient notice to cancel a Standing Order it is your responsibility to request repayment from the beneficiary.

Future Dated Payments

You can cancel a Future Dated Payment created via online or telephone banking up to 6:30pm the working day before it is due for payment. For Future Dated Payments created in the branch cancellation requests must be processed by 4:00pm the working day before it is due for payment.

Single Immediate Payments

Single Immediate Payments made via the Faster Payments Service will be sent in near real-time and therefore cannot be recalled or cancelled.

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How does a Faster Payment affect the balance of my account?

Available funds are affected by overnight and real time transactions.

The amount of funds available at weekends, and during bank holidays will take account of standing orders, direct debits, ATM and point-of-sale transactions, future dated payments and salary payments due on the next business day.

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Have all the Banks/Building Societies introduced this new service?

13 institutions that account for more than 95% of today's existing automated payments are committed to the new service. These institutions will have a phased rollout over a number of months. As well as RBSG (which includes Royal Bank of Scotland, NatWest, Ulster, One Account and Coutts), this includes Barclays, HBOS, HSBC, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey National, National Australia Group (incl. Clydesdale), Northern Rock, Northern Bank and Citigroup.

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Can the service be used for payments in other currencies or countries?

No, the service only operates in Sterling in the UK.

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What is the charge for a Faster Payment?

For personal customers there is no charge for using the service via online or telephone banking.
For business customers there is no additional charge, please refer to your Service Charge tariff for full details

For payments created in the branch you will be advised of any charge before you commit to making the payment.

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In what circumstances will a Faster Payment be delayed or rejected?

The majority of payments will normally be processed without delay. However, transactions considered unusual to the normal operation of your account will be referred for further investigation. If this occurs the payment will not be sent until the investigation has been completed. Payments with invalid sort code and account number details may also not be processed.

Payments sent faster can either be automatically rejected by the scheme (e.g. where an account has been closed), or returned following manual review by the beneficiary's bank (who may not be able to accept the payment).

In both cases, funds will be sent back to the customer immediately and show as a contra entry in their account.

Depending on the type of payment and the method of return, either 'REJ' and a four digit code or ‘RET’ and a four or eight digit code will be displayed in the narrative of the contra entry.

To help you locate the definition of a code please contact telephone banking or your branch.

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Are RBS group Credit or Charge Card payments utilising the new Faster Payments Service?

RBS group credit and charge cards joined the Faster Payments Service in November 2008. A phased rollout approach was taken to ensure that RBSG continued to deliver a secure and reliable service for all of its payments.

For payments to Credit and Charge Card products (made via branch, telephony, internet and standing order channels only) which are included in the Faster Payments Service the following applies:

  • Payments to Credit and Charge Cards are sent through the new Faster Payments Service if they are within the scheme limits.
  • Payments generated by Faster Payments Service member banks are processed faster and in most occasions, you will receive an update to available funds within two hours.
  • Payments from Credit and Charge Cards eg. Balance Transfers, are not included in the new Faster Payments Service.

When a payment is made online, text will be displayed indicating the expected settlement period. Likewise, branch staff and telephony agents will be able to provide this information to you.

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When will payments to other Credit Card Issuers be processed using the Faster Payments Service?

Although the Faster Payments Service launched on 27 May, not all Card Issuers are participating from this date, and will join gradually over a period of time. Please contact the Card Issuer involved for more information.

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What is the quickest way for me to pay my credit card?

If you are an RBS account holder and the primary card holder for an RBS credit card, to ensure that your funds reach your credit card within hours, once you have logged in to online banking, choose 'statements', 'view credit card statement' and select 'pay credit card' following the simple instructions on screen.

If you are not the primary cardholder or the credit card you are paying is not an RBS credit card , once you have logged into the online banking, choose 'payments', 'make a payment'. After selecting add a new payee, choose the appropriate credit card from the drop down lists shown on screen.

Ensure you always quote your credit card number.

For non-RBSG account holders please follow your normal process to generate a payment into your credit card - ask your bank if they will send it by Faster Payment.

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How is a Faster Payment displayed on my statement?

When a Faster Payment is processed, the narrative displayed on your account statement is expanded and provides additional information as follows:

  • For outward payments - The narrative displays:
    • beneficiary name
    • reference, (where appropriate)
    • Faster Payment indicator (FP)
    • the date of the transaction
    • a two digit code relating to the type of payment
    • a unique reference number relating to the payment (known as a Faster Payment ID - or FPID).
  • For inward payments – the two digit payment type code is replaced by the transaction time (hhmm).
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What do I need to do to benefit from Faster Payments?

If you are not already signed up for online and telephone banking, it's quick and easy to apply by visiting:

Or call into your branch where a member of staff will be pleased to help.

This will allow you to send Faster Payments.

Remember it is important to protect your personal access and account details at all times, by knowing who you are dealing with, either by e-mail or telephone. Please note that we will never ask you for your full PIN or password, by telephone or online.