The Faster Payments Service is a new electronic payment method, which will speed up the way you make and receive electronic payments.

In most cases the money will be available within two hours, rather than the three working days it takes currently.

Key features of the Faster Payments Service

These are some of the most important features of the new Faster Payments Service.

• Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week.
• The service will speed up the time it takes to make and receive electronic payments.
• Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours.

Limitations of the Faster Payments Service

Although in most cases the new Faster Payments Service will speed up electronic payments, there are a few important points you should be aware of.

• Payments are made almost immediately, so they cannot be stopped and the sending bank is unable to retrieve the funds. It is essential that you provide us with the correct sort code and account number for the bank account receiving your payment.
• The Faster Payments Service will only operate in Sterling and is only available for UK payments.

We can't guarantee that all payments will go faster, so if your payment is time critical, speak to us to discuss a different electronic payment method.

What can I use the Faster Payments Service for?

You can use the Faster Payments Service to make either immediate or future dated transfers and bill payments, as well as standing orders. Standing order and future dated payments will only be processed Monday to Friday. In most cases, the funds will be available within two hours.

Direct Debits are not part of the Faster Payments Service.

If you are making a payment using the Faster Payments Service you should check that the account you are sending money to receives Faster Payments.

Charges

There will be no charge to send payments via the Faster Payments Service.

When will this happen?

The industry launch took place at the end of May 2008. Along with many other banks we are conducting a phased introduction of the service. From 14th July some customers were able to receive faster payments. This service will be extended to all customers over the coming months as further sort codes are enabled to receive faster payments. To find out if your sort code is able to receive faster payments please click here. Some sort codes will also start to send faster payments later this year. We will let you know more about these plans nearer the time.

Further information

Please continue to visit the website for regular updates.