How to use the Faster Payments Service

The new service has been introduced gradually by individual banks. If your bank or building society has not yet introduced the service on your account, your internet and phone payments, and any standing order payments, will continue to be processed via the existing Bacs ervice.

The Faster Payments service enables banks to process internet and phone payments 24 hours a day, seven days a week, normally within a couple of hours. In the past, these payments have taken around three days to clear.

Standing orders, which have also taken around three days to clear, can be processed in one day through the Faster Payments Service, although these can only be made on bank working days.

Your bank will have different rules and guidelines for using the service.