What type of Payments can be made through Faster Payments?

Four types of payments can be processed through Faster Payments:

  • Single Immediate Payments
  • Forward-dated Payments
  • Standing Orders
  • Direct Corporate Access
     

Single Immediate Payments

  • Customers can initiate these one-off payments with their bank online, using a mobile device, over the phone or in a branch.
  • Single immediate payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).
  • Up to £250,000 can be sent per transaction (although individual banks may impose lower limits).  You can check the current limit here.
  • The money must be available in the receiving customer account within two hours, but generally is available within minutes.
  • The central Faster Payments infrastructure provides a response to the sending bank within 15 seconds, confirming that the receiving bank has accepted or rejected the payment. When rejected, the receiving bank will also provide a reason for the rejection.
  • Sometimes the receiving bank is unable to take the payment immediately, in which case the customer should be given a response indicating when they can expect the funds to reach the account. Reasons for this include an operational issue at the receiving bank or if the receiving account does not permit immediate posting of the payment.

Forward-dated Payments

Forward-dated payments are one-off payments sent and received on a pre-arranged date, set-up by the customer in advance. Typically used to pay bills, rent etc.

  • Customers can initiate forward dated payments with their bank online, using a mobile device, over the phone or in a branch.
  • Payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).
  • Up to £250,000 can be sent per transaction (although individual banks may impose lower limits). You can check the current limit here.

Although forward dated payments can be sent at weekends and on other non-bank working days, some organisations only process incoming payments on working days. If you are using a forward dated payment to pay a bill you should check how quickly they apply payment (this information is usually available on the back of your bill).

Standing Orders

  • A regular payment that pays a fixed amount to the same recipient on regular dates (i.e. 1st of the month).
  • Customers can initiate standing order payments with their bank online, using a mobile device, over the phone or in a branch.
  • Payments can be sent Monday to Friday, excluding bank holidays. If the pre-arranged date falls on a weekend or bank holiday, the payment is made on the next working day.
  • Up to £250,000 can be sent per transaction (although individual banks may impose lower limits). You can check the current limit here.
  • It is not possible to guarantee the exact time the payment will reach the recipient’s account, although at least 90% of standing order payments are sent by 6am.

Direct Corporate Access Payments

  • A service for business customers that enables bulk files of payment messages to be sent directly to the Faster Payments Service.
  • Direct Corporate Access is available 24 hours a day. Payments are sent via Faster Payments, for same-day transmission to receiving customers
  • Payment files are input using a Secure-IP solution (similar to Bacstel-IP), using the same standard file format as Bacs transactions
  • A number of software solution providers are accredited to provide Direct Corporate Access services
  • Not all Faster Payments Participants offer Direct Corporate Access, but offer alternatives for their business customers.
  • Up to £250,000 can be sent per transaction