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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 £1Million per transaction.
Operate alongside CHAPS (UK same day).
Process standing orders as same-day payments on working days.