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.

Update on the availability of the Faster Payments Service

All smile accounts are now able to send and receive faster payments. When sending faster payments please note that only low transaction values can be processed at present.

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.
• Most other banks sort codes are able to receive faster payments, however this does not apply to every sort code. Find out if another banks sort code can receive faster payments.
• The Faster Payments Service will only operate in Sterling and is only available for UK payments.

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.

Further information

Please continue to visit the website for regular updates.