What is Faster Payments? How UK bank transfers arrive in seconds
By SendPay Business · · 2 min read
- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Faster Payments is the UK system that moves most everyday bank transfers, usually within seconds and at any time of day, every day of the year. When you pay a friend or a bill from your banking app, it almost always goes this way.
How it works
You enter the payee's sort code and account number, your bank checks the payment and sends it through the Faster Payments system, and the payee's bank credits it, usually straight away. Most payments arrive within seconds, though some can take longer if a bank holds them for checks.
Faster Payments, Bacs and CHAPS
Tap to explore
Tap each one to see what it means.
Faster Payments
near-instant, used for most everyday transfers.
Bacs
takes about three working days, used for Direct Debits and many salary payments.
CHAPS
same-day, used for high-value payments such as house purchases, usually with a fee.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Limits
Each bank or money app sets its own limit for a single Faster Payment, and it can differ between personal and business accounts. Larger sums may need to go by CHAPS.
Why money apps rely on it
Instant transfers in and out are what customers expect from a modern money app. SendPay platforms, powered by licensed partners, include accounts and send features so your customers can move money under your brand.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
Could taking bank payments cost less than cards?
Compare card fees with pay by bank.
Pay by bank savings calculator →How do international transfers work?
The guide follows a payment across borders.
How international transfers work →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.