Faster Payment

A faster payment is an electronic payment that clears within 2 hours. Businesses can arrange these types of payments do online, on the phone or in a branch. They are typically used if a business needs to settle a last-minute bill, for example, and a BACS would take too long.

Depending on the bank, faster payments can be a more expensive way to transfer money and often have lower individual payment limits in the fight against fraudulent transactions.