What types of payments can be made through Faster Payments?

The types of payments that can be processed through the Faster Payments Service can be split into four types:

  • Single immediate payments
  • Forward-dated payments
  • Standing orders
  • Corporate Bulk

Phone or internet payments sent using the Faster Payments Service will normally be available for withdrawal by the beneficiary or from their own account on the same day as the payment is sent.

Single immediate payments

Ø  Customer input using online or telephone banking or using a branch based service.

Ø  Payments are available 24 hours a day, 7 days a week.

Ø  The system provides a positive response to the customer bank within 15 seconds, and providing a reason for any rejected payment.

Ø  The money must be available in the receiving cutomer account within 2 hours.

Ø  Value limit of up to £100,000.

  1. Payments sent near the end of any day may in fact be dated the next day depending on what time the payment is made. Ask your bank for advice as your terms and conditions will confirm up to what time you must make a payment if itis to be completed that day. 
  2. 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.
  3. Organisations that receive Single Immediate Payments need to be able to accept payments and reconcile them against bills and invoices sent.  Please talk to your bank for further advice on how to manage this aspect.

Forward-dated Payments

A payment set up to be made at a future date e.g. to pay a credit card bill.

A forward-dated payment will be sent and received on the pre-arranged date. 

Standing Orders

A standing order is a regular payment that you set up to pay the same recipient, the same amount on regular dates.

Ø  Available Monday to Friday, excluding bank holidays
Ø  Same day payment
Ø  Value limit of up to £100,000

  • Standing orders sent via Faster Payments are received by the beneficiary on the day the payment is sent.  It is  not possible to guarantee exactly when the payment will reach the recipient’s account, although 90% of payments are sent by 6am.
  • Please talk to your bank if receipt of standing orders is important for your cashflow as your bank may not be able to take those standing orders received that day into account when determining the money you have available on your account.

Corporate Bulk Payments

Corporate Bulk Payments are files of Bacs payment messages that can be submitted to the Faster Payments Service for payment on the same day.

Direct Corporate Access (DCA) began operation in July 2009

Ø  Service operates 24/7 for submission of Corporate bulk payment files
Ø  Uses the Secure-IP solution that is similar to the BACSTEL-IP product, but adapted for use by Faster Payments
Ø  Payment files are input using the standard file format
Ø  Constituent payments are sent via Faster Payments, for same-day transmission to receiving customers 


Six accredited software suppliers currently provide DCA services:

  • Accountis
  • Albany
  • Barron McCann
  • Bottomline
  • Direct Debit Ltd
  • Experian
  1. DCA enables corporate customers to use the same input format as Bacs as well as similar software, with minimal changes for BACS-enabled customers
  2. Customers need to have a bank account with a bank that offers DCA.
  3. Customers should be aware that it will take a few days for your provider to set up the DCA service. Please speak to your software supplier for further advice.