Introducing Faster Payments
The Faster Payment service is a new payment method developed by the Banking Industry that will allow you to send and receive funds within the UK in near real-time.
We've produced a list of Frequently Asked Questions (FAQs) to help you understand how Faster Payments will work, how they will impact you and when the service will become available.
What are Faster Payments?
Faster Payments are a new payment method that will enable you to send and receive funds to and from participating banks within the UK in near real-time. In most instances you will also receive an immediate confirmation as to whether the payment has been successful or not.
Will all banks and financial institutions offer Faster Payments?
Not all banks and financial institutions will have the ability to send and/or receive Faster Payments and the services offered by each organisation will vary.
If you are planning to send funds via Faster Payments please check that the bank you are planning to send the funds from can make Faster Payments and that the receiving organisation can accept the payment.
How do I make a payment if a bank or financial institution does not accept Faster Payments?
Existing payment methods such as BACS (3-4 working day clearance time) and CHAPS are still available and can be used to send funds that cannot be sent via the Faster Payments service. Find out more about BACS and CHAPS payments.
What does a 'near real-time' payment actually mean?
Near real-time payment means that the majority of the time, your payment will be received and accepted by the bank where the destination account resides within 10-15 seconds. In most cases, the funds will be applied to the destination account immediately, but it can take up to 2 hours.
When will Citibank offer Faster Payments?
We are planning to go live with a Faster Payments service in mid 2010. We will provide further details prior to the launch of the service.
Read our money transfer FAQs for more general information about making transfers. |
