Faster Payments

Supporting Faster Payments

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

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

Same day processing for payments

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

The Faster Payments Service will support same-day transactions all day every day and provided funds are available will allow single payments to be processed in near real-time.

Standing Orders and diarised payments will also be processed on a same-day basis in the early hours of the morning.

The Faster Payments Service in action

From 27 May 2008, the UK banking industry will start to offer the Faster Payments Service, shortly after which customers can use Bankline, our internet banking service, to process such transactions.

The service will allow customers to have the convenience of moving money between accounts or paying bills when it suits them.