Faster Payments

Faster Payments is the first new payments service to be introduced in the UK for more than 20 years.  The world leading service enables phone, internet and standing order payments to move within a few hours - almost at the touch of a button.

13 banks and building societies were founding members of the new service in 2008. Other financial institutions are able to join, either as members, or to access the system through agency arrangements with a member - just as they do with other payment systems.

The development of the Faster Payments Service was a massive and complex project involving significant investment. The infrastructure was launched on 27th May 2008 and the volume of Faster Payments made has been undergoing rapid growth ever since. By the end of 2008 around two-thirds of phone and internet payments were processed through Faster Payments and since the start of 2012, all internet and phone payments have been sent via Faster Payments, following to a change in the law..

The new service runs alongside existing UK payment schemes, Bacs (for Direct Debits and Direct Credits) and CHAPS.

Click here to visit the Faster Payments website.

Click here to check that the sort code you are sending a payment to can receive Faster Payments with our Sort Code Checker. (You will be redirected to the Payments Council website)

Click here to see which banks can send Faster Payments and the value limits for different types of transaction.