Faster Instant Payments in the UK
Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks’ customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS system. FPS is focused on the much larger number of smaller payments, subject to limits set by the individual banks, with some allowing Faster Payments of up to £250,000. Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee’s account. Our experience is most payments are instant.
Nine banks and one building society, accounting for about 95% of payments traffic, initially committed to use the service; as of May 2018 there were 21 direct participants. For smaller organizations such as building societies and savings institutions, the service is available through agency arrangements with a direct participant.
HowToPay.com accepts Faster Payments I the UK allowing for fast payments from clients. Faster Payments in the UK only accept GBP currency.
Clients receive an email with the details to make a payment and a unique PAYID number to enter into the description so we can match the payment in our system.
Clients wishing to transact in EURO need to use our new IBAN service.