What is a Faster Payment?

What is a Faster Payment?

The Faster Payments Service is a leading payment mechanism that improves the speed of low-value electronic payments within the UK and allows for greater flexibility when compared to other payment methods such as BACS and CHAPS.

It allows payments in near real time and provides a low cost alternative to same day sterling CHAPS payments.

A £20k daily/transaction limit applies when using Digital Banking.

All UK banks and building societies now send and receive faster payments.

For payment values in excess of £20k, a CHAPS payment is the only alternative for a same day value payment.

If you are making a Faster Payment be careful as you can't recall or cancel once sent, so we'd suggest double checking any payment details so your payment gets to the right place.