The Faster Payments service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.
It allows you to make same-day transactions all day, every day and is a secure way to transfer money up to £250,000.
The Faster Payments service lets you:
• make electronic sterling payments such as fund transfers, bill payments and standing orders that will reach the destination account in a matter of hours.
• make same-day payments without using and incurring the cost of CHAPS.
• make same-day payments through online banking, telephone or in branch.
The Faster Payments service can be used for:
• single payments – that you want to make immediately.
• future dated payments – a single payment (including Notice Account withdrawals or transfers between accounts) that you want to pay on a particular date in the future.
• standing orders – an instruction you give to your Bank or Building Society to make payments on a regular basis to a specified person’s UK bank or building society account.
Transfer money using the Faster Payments service:
• online – using Bankline
• over the phone
• in branch
You’ll need to provide the:
• correct sort code – the six digit number which identifies the bank or institution at which the payee holds their account
• account number of the payee account
Unlike Bacs, payments to the incorrect destination can’t be recalled. Incorrect sort code and account number details may also result in your payment not being processed.
The receiving bank needs to be a member of the Faster Payments Service. Most major banks are in the scheme. Where a bank is not in the scheme or a payment value exceeds £250,000 the payment will either have to be sent via CHAPS, or Bank Giro Credit.
You do not need to do anything to receive Faster Payments into your account.
CHAPS (Clearing House Automated Payment System) is a same-day electronic payment system between banks. Provided that you make a payment before 3pm, CHAPS guarantees payment on the same business day within the UK.
You can use it where your payment is not eligible for the Faster Payments service, for example if your payment is £250,000 or more, or the recipient bank is not a member of the Fast Payments scheme.
There is a charge to use CHAPS. Contact your Relationship Manager for details.
You can arrange for a CHAPS transfer in one of our branches, or over the phone.
0800 073 2256
0800 404 6161
Mon to Fri 9am-5.30pm
(excl. public holidays)
Calls may be recorded.
Talk to your Relationship Manager