2 min read
Definition
Faster Payments is the UK electronic payment system that moves money between bank accounts almost instantly, usually within seconds and available 24/7, up to a per-transaction limit. It is the everyday rail for quick business and personal transfers.
In plain terms
When you send a bank transfer that arrives in moments, it typically goes via Faster Payments. For businesses it means receipts and payments can clear the same day, tightening how precisely cash can be managed.
Why it matters
Faster Payments underpins the same-day movement of most routine business cash. See same-day payment, Bacs and CHAPS.
Related reading
Same-day payment
A same-day payment is a bank transfer that reaches the recipient the same working day it is sent, rather than…
Read →
Bacs
Bacs is the UK system for bulk electronic payments — direct debits and direct credits — that clear over a…
Read →CHAPS
CHAPS is the UK system for same-day, high-value or time-critical payments, with no upper limit but a…
Read →Priority of payments
Priority of payments is the strict legal order in which an insolvent company's money is paid out — secured…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.