Faster Payments Service

The Faster Payments Service is the UK’s low-value instant
payment scheme. Real time confirmation is given to the sender and funds are immediately available to the receiver.
It supports three types of credit transfers:

  • Single immediate payments.
  • Forward dated payments.
  • Standing order payments.
Real time ~ 10 Seconds.
SLA 2 Hours
24/7
£250,000 Maximum

Faster Payments Use cases

FPS is used for time sensitive low-value payments up to £250K:

  • Online banking and mobile payments.
  • Bill payments.
  • Forward dated payments.
  • Standing Orders (recurring payments).
  • Person to Person, Person to Business, Business to Business & Business to Person transactions.

Operational details

The rules for the system are set by Faster Payments Scheme Ltd. Posting occurs in near real time. For some indirect participants,
however, posting is slower.

Each participant’s net settlement totals
are forwarded to the Bank of England for settlement three times
per day (Monday – Friday, except bank holidays).