The Faster Payments Service

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

A third of all our sort codes are now able to receive faster payments. The remaining sort codes will be activated over the coming months. Find out if your sort code can receive faster payments.

We will also commence a pilot scheme by the end of the year, where a small number of sort codes will be able to send faster payments as well. Please continue to visit the website for further updates on the availability of faster payments.

Key features of the Faster Payments Service

These are the 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 and improve the sending of 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 funds transfers and bill payments, as well as standing orders. 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 improved Faster Payments Service.

Further information

Please continue to visit the website for regular updates.