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Faster Payments Service
The Faster Payments Service is a payment system which was launched within the UK banking industry on 27 May 2008.
What is the Faster Payments Service?
The system is designed to speed up the transfer of customers’ electronic payments between banks and building societies.
The Faster Payments Service aims to process them in near real time, in the majority of cases payments should reach your nominated account within a few hours - but no later than the end of the next business day.
The Faster Payments Service consists of three types of payments:
- Standing Orders: regular fixed payments
- Future Dated Payments: one-off payments set for a date in the future
- Single Immediate Payments: one-off payments to be sent immediately
For further information about the Faster Payments Service, including a list of the other member banks and building societies, please visit the UK payments website or to check if the sort code you are sending to can receive Faster Payments please visit the sort code checker.
Alternatively, you can download the Your Questions Answered document, which is provided in Adobe Acrobat PDF format.