UK Banking
UK Faster Payments Service (FPS)
Faster Payments Service (FPS) is the UK's real-time electronic payment system that enables near-instant bank-to-bank transfers, 24 hours a day, 365 days a year. Launched in 2008, it was one of the world's first real-time payment systems and currently handles the majority of UK single immediate payments, standing orders, and forward-dated payments.
To send a Faster Payment, you need the recipient's sort code and account number. The sending bank submits the payment instruction to the central infrastructure (now operated by Pay.UK), which clears and settles the transaction. Most transfers arrive in the recipient's account within seconds, though settlement between banks occurs in deferred net settlement cycles throughout the day. Unlike Bacs, which takes three business days, Faster Payments provides near-instant confirmation. The current single payment limit is typically £1,000,000, though individual banks may set lower limits. You can verify sort codes for Faster Payments eligibility using the BankCheck sort code tool.
Faster Payments transformed UK banking by making real-time transfers the default for most person-to-person and business payments. Its availability around the clock means funds are accessible immediately, which is critical for urgent payments and cash flow management. The system has also served as a model for real-time payment schemes in other countries.
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