What it is
Faster Payments is one of the UK's core bank-transfer rails, letting anyone with a UK account send money to almost any other UK account almost instantly, every day of the year. For a merchant it is a direct account-to-account payment: the shopper pushes funds from their bank to yours, with no card network in the middle. It is operated by Pay.UK and used by high-street banks, building societies, challenger banks and fintechs.
- Real-time bank transfer, not a card or wallet
- Run by Pay.UK, available through most UK banks
- Single payments up to £1m depending on the sending bank
- Good fit for pay-by-bank and bank-transfer checkouts
Where it is mainly used
Faster Payments is a United Kingdom rail. It is the default way UK consumers and businesses move money between UK bank accounts, whether that is paying a bill, a supplier, a friend or an online order. If you sell to UK customers, offering a bank-transfer option powered by Faster Payments matches a habit they already use daily.
- United Kingdom only (GBP bank accounts)
- Used by individuals, small businesses and charities
- Common at checkout as pay by bank or bank transfer
How your customer pays at checkout
At checkout the shopper chooses a bank-transfer or pay-by-bank option. They are sent to their own bank app or online banking, confirm the payment there, and are returned to your site with confirmation. Because the money moves in near real time, you can usually ship or fulfil faster than with slower methods.
- Shopper picks bank transfer at checkout
- Approves the payment in their own bank app
- Confirmation returns to your store in seconds
How merchants access Faster Payments
Merchants do not connect to the rail directly in the normal case. The practical routes are your own UK business bank account, an open-banking-enabled payment provider, or a PSP that offers pay-by-bank as a managed service. Direct participation with Pay.UK is possible but involves Bank of England settlement accounts and a long onboarding, so most cross-border sellers use a provider instead.
- Use your UK business bank account for inbound transfers
- Use an open-banking-enabled PSP for a hosted checkout
- Direct Pay.UK access needs a UK settlement account and is rarely practical
Pricing and settlement
Receiving Faster Payments through your own bank is often low cost or included in business banking. Through a PSP, expect a per-transaction fee and possibly a fixed fee or monthly minimum. Published pricing figures you see online are for initial screening only. Confirm the provider's official pricing page or obtain a written quote before you go live, because per-transaction fees, fixed fees and any minimums vary by provider and volume.
- Bank receipt may be low cost or bundled
- PSP routes charge per-transaction plus possible fixed fees
- Always verify live pricing on the provider's official page
Public contact route
The rail is operated by Pay.UK. For general information and access enquiries you can use the official Faster Payments site and Pay.UK. Direct technical or participation questions can go to Pay.UK's access team.
- Official site: https://www.fasterpayments.org.uk/
- Operator: https://www.wearepay.uk/
- General enquiries: Access@wearepay.uk
Questions merchants ask
Do I need a UK company to accept Faster Payments?
You need a way to receive GBP into a UK account or via a provider that can pay you out. Many PSPs let you accept Faster Payments and settle to your home-country account, so a local UK entity is not always required.
Is Faster Payments the same as a card payment?
No. It is a direct bank-to-bank transfer with no card scheme. That usually means lower fees and no card chargebacks, but also a different checkout flow and different risk profile.
How fast does the money arrive?
Typically in seconds, 24/7 including weekends and holidays. Your own bank or PSP may add a short holding or reconciliation step before funds are available to you.
What does it cost to accept?
Through a business bank account it is often low cost. Through a PSP expect transaction-based pricing. Published figures are for initial screening only; confirm the provider's official pricing page or a written quote before you go live.
Can I refund a Faster Payments payment?
Yes, you can send the money back to the customer's account, but you need their correct details. Build refunds into your store workflow because there is no automatic card-style reversal.
Do I need to worry about Confirmation of Payee?
Confirmation of Payee helps confirm the name on a bank account. When you share your payee details with customers, make sure the name matches your account exactly to avoid failed or misrouted payments.