Benefits of Faster Payments

Speed

Any one-off payments you send by Faster Payments are processed almost at the touch of button, with the funds typically made available in the recipient’s account in minutes. For a more detailed explanation of how quickly Faster Payments are processed,
click here .

If you are using Faster Payments to pay a bill you should check the recommended processing timescale with the organisation you are paying (this information can usually be found on the back of your bill or statement). This is because even though Faster Payments is available 24 hours a day, seven days a week, some organisations only process payments sent to them on weekdays.
 

Convenience

It’s possible to send a Faster Payment via online or phone banking 24 hours a day, seven days a week. For more information on the different types of Faster Payment you can send, click here.

As a customer, you don’t have to do anything to take advantage of the world-leading service offered by Faster Payments. All UK banks and building societies are now able to send and receive payments of up to £250,000 – you can see the limits for different banks and building societies here.

If you change current account provider then the new Current Account Switch Service ensures that any Faster Payments accidentally sent to your old account are redirected for thirteen months from your switch date.

Since spring 2014 it has been possibl, to send Faster Payments to a mobile number – without the need for sort codes or account details. To find out more about Paym, the new mobile payments service, please
click here.
 

Security

The central Faster Payments system is only accessible to banks and building societies that meet strict requirements for the security of their own IT systems and processes. All payments sent via Faster Payments are subject to strong legal protection to ensure that innocent victims of fraud are protected from losses caused by unauthorised payments.

It is important to be aware of the steps you can take to prevent being targeted by fraudsters posing as genuine sellers of goods or services. 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.

All Faster Payments are addressed using just the account number and sort code provided by the person making the payment. And once the payment reaches the recipient’s account, they can be sure the money is theirs.

To find out what you can do if you accidently send a payment to the wrong account, click here.

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