The Faster Payment System is one of three bank payment schemes enabling you to make a payment to another bank account. Most people never even realise there are different bank payment types in the UK. Here’s a quick overview comparing all UK bank payment types from a business point of view:
Chaps Payment: £20+ per payment, takes a few hours to send.
Bacs Payment: Takes 3 days to send.
Faster Payments Service: Almost Instant.
How Long Do Faster Payments Take?
Faster Payments only take seconds to send. The payment will arrive within a minute and is immediately visible in the payee’s bank account. The system runs 24/7 including bank holidays and weekends.
Whilst the Faster Payments system itself runs around the clock, your bank might have cut-off times as early as 5:30pm. Telleroo does not have any cut-off times, meaning you can make payments at any time of day, including weekends.
Faster Payment References
The Faster Payment network only allows references to be less than 18 characters and a combination of letters, numbers, spaces and dashes " - ". It doesn't allow any special characters like slashes "/ ", at symbols "@", plus symbols "+" and ampersands "&".
Bank Holidays and Weekends
Faster payments are the only payment method to work 24/7, allowing payments to be made on evenings, weekends and bank holidays.