Customer benefits

Benefits for customers

It's faster!

The Faster Payments Service allows customers to make faster auromated payments, typically using the phone or online banking, enabling the payments to get to the destination within a couple of hours.

The service allows customers to make payments over the phone or through online banking all day, every day, and be assured that they reach their destination almost at the touch of a button.  It can also be used to make standing order payments on bank working days which arrive the same day they are sent.

Although some banks had already made a competitive decision to cover any loss of interest that their customers incur as a result of the existing clearing cycle; a payment sent through the Faster Payments Service negates the need for such cover.

European legislation means that from 2012 banks are obliged to process Standing Orders more quickly.

As a customer, do I need to do anything to take advantage of the Faster Payments Service?

If you are paying a bill, you will always need to check that the service provider accepts Faster Payments and, just as you do now, check their recommended timings to ensure your bill is paid on time. This information should be found on the back of your bill or statement.

All financial institutions that accept Bacs payments will ensure that they can accept Faster Payments for the payment of utility bills, credit card bills or indeed, just transfers of money between your own accounts.  The Payments Council has a Sort Code Checker which you can use to check that the account you're sending money to will be able to receive it through Faster Payments.

What are the timescales for the introduction of the Faster Payments Service for personal and business customers?

The new service was launched on 27th May 2008.  Since then banks have started to introduce this service to their personal and business customers.