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Faster Payments – Commercial clients
Frequently asked questions
What is the Faster Payments Service?
How do I make a Faster Payment?
What are the benefits of Faster Payments?
What are the Faster Payment Service scheme rules?
Have all Banks/Building Societies signed up to the Faster Payments Service?
I don’t use Bankline. Can I still make a Faster Payment?
How long will it take for a payment to go from one bank to another?
How will I know if the payment is going to a Faster Payment enabled bank?
What do I need to do to receive Faster Payments?
Are my standing orders affected by the Faster Payments Service?
Can payments be amended or cancelled once they have been sent?
When would a payment be rejected or returned?
Are my direct debits affected by Faster Payments?
I use the CrownPay service, is this affected by Faster Payments?
I use the BACSTEL-IP service, is this affected by Faster Payments?
Can the service be used for payments in other currencies?
Will I receive real time updates for Faster Payments?
How does the Faster Payments Service affect CHAPS?
Will I be charged for making a Faster Payment?
Will payments to Coutts/RBS Group Credit and Charge cards go via the Faster Payments Service?
What is the Faster Payments Service?
The Faster Payments Service is a banking industry initiative to speed up electronic payments in the UK.
How do I make a Faster Payment?
The only way you can initiate Faster Payments is via Bankline. Using Bankline you should select the ‘standard domestic payment’ option. A standard domestic payment is a sterling payment to a beneficiary in the UK. When you select the credit date, value and destination, Bankline confirms the method by which the payment will be sent:
- Immediate Payment – this is a payment for under £10,000 for value today where the beneficiary’s bank is able to accept Faster Payments
- Next Day Payment – this is a payment for under £10,000 for value tomorrow where the beneficiary’s bank is able to accept Faster Payments
- Future Dated Payment – this is a payment for under £10,000 for any future value date where the beneficiary’s Bank is able to accept Faster Payments
- BACS – Bankline will use this payment method where the payment is for more than £10,000 and/or the beneficiary’s Bank is unable to accept Faster Payments
What are the benefits of Faster Payments?
- You can send same day low value payments without using CHAPS
- You can make payments that can be received in near real time
- You can send payments using Bankline 24 hours a day, seven days a week
What are the Faster Payments Service scheme rules?
A Faster Payment will be sent if:
- sufficient funds are available
- the Bank of the beneficiary is a member of the Faster Payments Service
- the payment amount is within scheme limits
- correct account details are entered
Have all Banks/Building Societies signed up to the new Faster Payments Service?
The Banks and Building Societies who have signed up to the Faster Payments Service include Barclays, Danske (Northern Bank), HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Alliance & Leicester, National Australia Group, Northern Rock and Citibank. These Banks/Building Societies have confirmed they can receive a Faster Payment. However, some may not be able to send a Faster Payment yet. Instead they may have opted to undertake a phased roll-out for sending Faster Payments and standing orders.
This means that although Coutts and other RBS group brands have the facility to receive Faster Payments in ‘near-real time’, they will only be processed in this timeframe if the initiating Bank/Building Society also has the ability to send a Faster Payment. Where they do not, payments will still be processed via the existing three day cycle.
I don’t use Bankline. Can I still make a Faster Payment?
No. To make Faster Payments you will need to register for Coutts Bankline .
How long will it take for a payment to go from one Bank to another?
Where a payment meets the scheme rules, the service on Bankline will enable you to make a payment that will reach the recipient’s bank in near real time. The payment type is displayed in Bankline at the confirmation stage.
How will I know if the payment is going to a Faster Payment enabled bank?
When you enter a standard domestic payment in Bankline, Bankline confirms the date that the beneficiary is expected to receive the funds and the payment type. For banks that are not Faster Payment enabled, the value date will be displayed as three days from the date of the payment and the payment type will display as BACS.
What do I need to do to receive Faster Payments?
You do not have to do anything. You will automatically receive Faster Payments into your business current account.
Are my standing orders affected by the Faster Payments Service?
The service will speed up standing order payments if both the remitting and receiving banks are members of the Faster Payments scheme, so you may receive funds paid by standing order two days earlier than before. However, there are currently some industry-wide restrictions on the amount you can send via the Faster Payments Service by standing order and of course, they are only processed on bank working days.
Can payments be amended or cancelled once they have been sent?
Once an Immediate Payment has been sent, it is not possible to change or cancel it. This is because funds are made available to the beneficiary upon receipt. For Future Dated Payments Bankline shows the last date by which the payment can be amended. You can cancel standing orders on Bankline or BusinessLine, up until 6.00pm the working weekday prior to the day the payment is due to be made.
When would a payment be rejected or returned?
A payment that is sent to an account that has been closed will be rejected by the beneficiary bank. The process of returning these funds is usually done within Faster Payments timescales. If a payment is sent to an invalid account number, the funds may be accepted by the beneficiary bank but if they are unable to apply the funds, they are returned to the payer usually the next working day.
Are my Direct Debits affected by Faster Payments?
Direct Debits are not affected as they are not part of the Faster Payments Service.
I use the CrownPay service, is this affected by Faster Payments?
No, there are no changes to the CrownPay service as a result of Faster Payments.
I use the BACSTEL-IP service, is this affected by Faster Payments?
No, there are no changes to the BACSTEL-IP service as a result of Faster Payments.
Can the service be used for payments in other currencies?
No, the service operates in sterling only.
Will I receive real time updates for Faster Payments?
Bankline transactions update in near real time allowing the most up to date information to be viewed. Credit entries from other banks appear immediately. When a Faster Payment is received from another bank, initially only the narrative of ‘Faster Payment’ is displayed. Additional information regarding the payment is provided when our systems update at 18.30. Faster Payments show on your Coutts bank statements with the short code BAC and bear the narrative, ‘Faster Payment’.
How does the Faster Payment Service affect CHAPS?
Faster payments will have an upper value limit, currently £10,000. Accordingly, no changes are planned for CHAPS as these will still be required for payments over the scheme limit.
Will I be charged for making a Faster Payment?
The tariff for an Immediate Faster Payment on Bankline is £3. Next day and future dated faster payments are charged at the same rate as the Bankline BACS tariff, which is 25p.
Will payments to Coutts/RBS Group Credit and Charge Cards go via the Faster Payments Service?
Yes. Payments from a Coutts or RBS Group current account made by Bankline or standing order to any Coutts or RBS Group Card, will normally be made within the Faster Payments timescales if the payment is within the scheme rules. For payments to other cards, you should check with the card provider.
