Faster payments
Making same day electronic payments a reality
The faster payments service applies to low value payments. It lets banks provide same-day clearing of electronic payments such as fund transfers, bill payments and standing orders. Bank customers can now make these payments on a near real-time basis.
Same day payments
For eligible inter-bank payments, the new service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.
The service allows same-day transactions all day, every day and processes single payments in near real-time – provided funds are available and the payments meet scheme rules. Diarised and standing order payments are now processed in the early hours of the morning, again on a same-day basis.
Using the faster payments service
The faster payments service has been live since May 2008. NatWest commercial customers can use Bankline to view and make faster payments.
The service gives you the flexibility and convenience of moving money between accounts or paying bills at any hour of the day or night.