Faster Payments

What is Faster Payments?

Faster Payments is a UK banking initiative that enables near-instant electronic transfers between bank accounts. It operates 24/7 and is designed to speed up the clearing process for phone, internet, and standing order payments.

Why It Matters

• Allows for immediate settlement of funds between individuals and businesses

• Supports the growth of the digital economy by enabling real-time commerce

• Provides a reliable and secure alternative to traditional BACS transfers

• Enhances liquidity for small businesses by providing faster access to their money