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Faster Payment

The Faster Payments Scheme was introduced in the UK in 2008. In Coutts Online a Faster Payment can be an Immediate Payment, value current day or a Future Dated Payment which is for value tomorrow onwards.

Faster Payments:

  • Operate 24/7 365 days a year.
  • Transfer sterling credits only.
  • Enable single immediate payments, future-dated payments and standing orders.
  • Prevent payments from being recalled (once sent it can't be recalled).
  • Have a limit of £250,000 per transaction.
  • Operate alongside CHAPS (UK same day).
  • Process standing orders as same-day payments on working days.

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