How does faster payment service work?

All banks in the UK have access to the Faster Payments network, and are able to send and receive payments using the service. However, some banks may have different terms and conditions for using the service or may provide varying types of access to the service. For example, some banks may offer international payments using the Faster Payments network, while others do not. It is, therefore, recommended you check that you are able to access the best payment option for your needs.

Generally, funds sent via Faster Payments are usually received by the beneficiary almost immediately, though in rare cases, it may take up to 2 hours.

All payments sent or received via Faster Payments are encrypted to ensure that only the intended recipient can view and access the details of the payment. Additionally, customers need to authenticate their identity each time they make a payment, which helps to prevent fraud and ensure the payment is being processed securely.