Speed up sending money within the UK
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Payments
Faster Payments
How we could help your business
If you need to make a same-day payment through your NatWest Business Account, the Faster Payments service (when compared to making BACS payments) reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.
It allows you to make same-day transactions all day, every day and is a secure way to transfer money up to £1,000,000.
There is a charge to make a Faster Payment. Please contact us or visit us in branch to find out more.
Single payments
A payment that you want to make immediately.
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Future dated payments
A single payment (including Notice Account withdrawals or transfers between accounts) that you want to pay on a particular date in the future.
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Standing orders
An instruction you give to your Bank or Building Society to make payments on a regular basis to a specified person’s UK bank or building society account.
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Bulk payments
Allows you to make payments to multiple beneficiaries from a single debit account using Faster Payments via Online Banking and Bankline.
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For clients who wish to:
- Make electronic sterling payments such as fund transfers, bill payments and standing orders that will reach the destination account in a matter of hours.
- Make same-day payments without using and incurring the higher cost of CHAPS.
- Make same-day payments through online banking, telephone or in branch.
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Considerations:
- You’ll need to provide the:
- correct sort code – the six-digit number which identifies the bank or institution at which the payee holds their account.
- account number of the payee account.
- account name.
- Unlike BACS, payments to the incorrect destination can’t be recalled. Incorrect sort code and account number details may also result in your payment not being processed.
- The receiving bank needs to be a member of the Faster Payments Scheme. Most major banks are in the scheme. Where a bank is not in the scheme, or a payment value exceeds £1,000,000 the payment will have to be sent via CHAPS.
- You do not need to do anything to receive Faster Payments into your account.
- Different limits apply depending on the service you use.
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Payment limits
- Online - using Bankline (up to £1m)
- Online - using Online Banking (up to £50,000)
- Mobile - using Mobile Banking (up to £50,000)
- Mobile and Online Banking (up to £250,000 with biometrics enabled)
- Over the phone (£10,000)
- In branch (£20,000)
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Confirmation of Payee (CoP)
When you set up a new single Faster Payment or change an existing payment, a CoP check will be made on the beneficiary account name.
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CHAPS
If Faster Payments isn't quite right for you, CHAPS is a high value payment system that you can also use to make same-day payments through your NatWest Business Account.
