Benefits of Faster Payments

Speed

  • One-off payments processed almost at the touch of a button.
  • Recipients typically receive funds within minutes.
  • Available 24/7. Check with your bank to guarantee payments on weekends.
  • Click here for more information regarding how Faster Payments are processed

Convenience

  • Available via online and telephone banking.
  • Send and receive payments of up to £250,000 with all UK banks – to find the transaction limit for your bank or building society click here.
  • Send payments to a mobile number – with no need for sort codes or account details. Find out more about this feature here.

Security

  • Only accessible to banks and building societies that meet strict security requirements.
  • Innocent victims of fraud are protected from losses caused by unauthorised payments.
  • More information on staying safe is available here: www.fasterpayments.org.uk/protect-fraud.

To find out more about steps you can take to stay safe when banking online, visit www.financialfraudaction.org.uk.