What is Faster Payments? How UK bank transfers arrive in seconds
By SendPay Business · · 2 min read
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
- 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.
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.
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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. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.