Successful testing of high value Faster Payments

The Faster Payments Scheme has taken an important step forward to making multi-million pound payments possible in the future. A ‘Live Proving’ exercise was carried out to test the ability for all existing Participants to receive a payment of a significantly higher value than the current £250,000 limit.

Improving the services that FPSL offers its Participants is at the forefront of the Scheme’s thinking, and the Live Proving exercise is another significant step forward in the potential development of the Scheme’s services.

First multi-million pound Faster Payments

The exercise was successfully completed on Tuesday 11th July 2017, with all 16 Participants receiving (and in a number of cases sending) a Faster Payment for a payment in the tens of millions of pounds - which far exceeds the existing limit. Successful completion of the exercise means that increasing the Scheme Transaction Limit is now feasible and Participants are working with us to determine the next steps. 

Have your say

The Scheme will now enter a consultation period with stakeholders during the second half of 2017 to determine any potential increase to the Scheme Transaction Limit, taking views on the appropriate level and how it might be used.

If you would like to provide feedback,  please complete our short survey by clicking here FPSTL survey and return your responses to