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:
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British Pounds only: You can send and receive money in GBP using Faster Payments.
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Speedy transfers: It's designed for fast transactions, usually taking just a few minutes to reach the recipient's account.
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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.
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Available 24/7: You can make these transfers at any time, day or night, including weekends and holidays.