The Faster Payments Service is a UK retail payment system for near-real-time sterling account transfers. It supports round-the-clock payments through participating institutions, subject to each institution's customer channels, limits and security checks.
Businesses use Faster Payments for urgent supplier and operating payments that do not require CHAPS. The sending bank's confirmation and the supplier's account credit should still be reconciled to the invoice.
Fast payment, early controls
- Confirm the recipient using the bank's available name-checking service and an independent business record.
- Check the provider's current transaction limit and any cut-off that applies to the business channel.
- Record the payment reference and investigate ambiguous or timed-out submissions before retrying.
Faster Payments questions
Faster Payments questionsCheckpointWhat finance should confirmCan the account receive it?Confirm the recipient institution is reachable through the service.Is the amount eligible?Use the limit shown by the sending institution at the time of payment.Did it complete?Use a confirmed status and recipient evidence, not an estimated arrival alone.
Faster Payments Service compared with nearby terms
Faster Payments is a domestic sterling route. It does not by itself perform foreign-exchange conversion or an international supplier payout.
Related definition: Instant Payment.
Source and business-payment context
Bank of England: payment and settlement
Related Terms
