Your questions answered
What do I need to do
Nothing! This service is available now and we automatically send your payments by Faster Payments providing the value is within the transaction limits we have set and the receiving bank or building society sort codes have been enabled to receive payments via the Faster Payments Service.
Are all banks and building societies offering this service?
The 13 founding members of this service handle 97% of UK electronic payments currently being processed. When setting up a new payment please ensure the beneficiary bank accepts Faster Payments. If Faster Payments are not accepted, you will need to agree an alternative method of payment with your beneficiary. You can find out if a bank affects Faster Payments by clicking this link UK Payments Website (opens a new window).
Can all my bills be paid using the Faster Payments Service?
Check with the Service provider to establish whether your bill can be paid using the Faster Payments Service and when you need to make your payment by.
Will the Faster Payments Service be used for standing orders?
Yes. As long as the receiving bank or building society supports Faster Payments.
Is there any financial limit on transactions?
Yes. Each bank will decide its own limits for different payment types and via different channels. Payments therefore cannot always be guaranteed to go via Faster Payments. If the payment can’t be made using Faster Payments, or your channel limit has been exceeded the payment will fail. Please contact you beneficiary to arrange an alternative form of payment.