What is a Faster Payments?

Faster Payments is a system for sending money quickly between bank accounts in the United Kingdom (UK). It's like a speedy and efficient way to do electronic transfers within the UK.

Key points:

  1. British Pounds only: You can send and receive money in GBP using Faster Payments.

  2. Speedy transfers: It's designed for fast transactions, usually taking just a few minutes to reach the recipient's account.

  3. Common in the UK: Faster Payments is widely used for everyday payments, like paying bills, sending money to family, or settling debts within the UK.

  4. Available 24/7: You can make these transfers at any time, day or night, including weekends and holidays.