What is the Faster Payments Service (FPS)?
The Faster Payments Service (FPS) is used to make electronic payments to accounts held with other UK banks, usually by phone or online banking, to pay bills or make regular standing order payments. Most payments will be processed more quickly using FPS and should reach the receiving bank no later than the next banking day.
Once we receive your payment instruction, your account will be debited and the bank you are sending money to will receive it no later than the next banking day. They will then credit the beneficiary account within two hours.
Please note: there are no changes to the current process for paper transactions, these will still be processed in the normal manner.
Changes made to Online and Phoneline Banking
Online and Phoneline Banking changes came into effect on 31 October 2011
- Payments made using Online or Phoneline Banking will be passed to the receiving bank no later than the next banking day following your payment instruction.
- You can continue to make payments through the existing screens.
- Payments cannot be recalled once sent.
- If you have made a payment in error, you will need to contact the beneficiary to request the money is returned.
Changes made to iBusiness Banking (iBB)
iBusiness Banking changes came into effect on 19th November 2011
While the majority of changes using Faster Payments Service (FPS) will benefit our customers, there are some services that will no longer be available and some other key changes.
Single third party payments
- Payments made using the Third Party Transfer option will be passed to the receiving bank on the same day provided that the transfer is submitted between 7.00am and 6.00pm1.
Debit Day 1 iBulk payment customers
- Payments submitted between 7.00am and 2.00pm will be credited to the beneficiary by start of business on the next banking day using FPS1.
- Payments submitted between 2.00pm and 3.00am will be credited to the beneficiary no later than the close of business on the next banking day using FPS1.
- 'Forward-dating facility' will no longer be available as payments will be made through FPS. This means that, on receipt of a payment instruction, the account will be debited and the beneficiary credited no later than the next banking day.
- Bacs Service User Number (SUN) will no longer be required, as payments will be processed through FPS and not Bacs.
1Individual Payments must not exceed amount set by the Faster Payments Service which is currently £100,000.
Debit Day 3 iBulk payment customers
- Payments will continue to be made through Bacs and the forward-dating facility will still be available.
- The account will be debited and the beneficiary credited on the date selected by the customer.
- Bacs Service User Number (SUN) will still be required.
Non-urgent payments in Euro using the International Payments option will no longer be available. All Euro payments made using the International Payments option will be treated as urgent. Non-urgent Euro payments can still be made using the SEPA CT option.
Changes made to Standing Orders - Regular Payments
Standing Orders (Regular Payments) changes came into effect on 10th December 2011
- Standing Orders will reach the receiving bank no later than the banking day after the money is taken out of your account.
- You must ensure you have enough money available in your account at the end of the banking day before the Standing Order is due to be made to meet all the next days payments, otherwise it cannot be paid.
- If you want to change the date of any of your Standing Orders or review the credit limit on your account, please contact your local branch or phone 0845 6005 925.
- Standing Orders cannot be recalled. If you have made a payment in error, you will need to contact the beneficiary bank to request the funds are returned.
- If a Standing Order has been set up incorrectly by us, we will work with you to request the money is returned. This will be deemed to be an 'unauthorised transaction' and we have a responsibility to you to ensure the funds are returned.
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