Glossary · Payment methods
Faster Payments
Faster Payments is the UK system for near-instant bank transfers, available 24 hours a day, every day of the year.
Launched in 2008, Faster Payments moves money between UK bank accounts usually within seconds and at any time. Most online and mobile banking transfers in the UK use it.
Individual banks set their own limits on how much a customer can send by Faster Payments. Larger amounts may go by CHAPS instead.
For suppliers, Faster Payments means a customer who chooses to pay can do it immediately. Including your sort code, account number and a payment reference on reminders makes that choice easier.
A Faster Payment generally can’t be recalled once sent. That is why UK banks check the payee’s name first through Confirmation of Payee, and why the name on your invoice should match the name on your bank account exactly.
Example
A client promises to pay a £3,200 invoice today. The finance director sends it by Faster Payments from their phone at 6 pm, and it shows in the supplier’s account a minute later.