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.
- 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.