Faster Payments are a near real-time electronic payments solution for transfers of up to £1,000,000. In most cases, the money will reach the beneficiary’s account within seconds but can take up to two hours.
Payments
Faster Payments
Contact us to discuss how our range of solutions can help you achieve the extraordinary.
Become a clientFaster Payments is a simple payment system between UK bank accounts that is cheaper than CHAPS and faster than Bacs.
What are Faster Payments?
When to use Faster Payments?
Faster Payments are suitable for any clients who need to make low-value payments with near real-time settlement.
Features and benefits:
- Accessibility: Available 24/7/365, including weekends and bank holidays via HSBCnet. There is no cut-off time.
- Speed: Transactions typically completed in seconds (within a maximum of two hours).
- Visibility: Real-time confirmation of payment status lets the sender know the funds have been received successfully.
- Improved Supplier and Customer Relationships: Immediate payments enhance customer and supplier relations.
- Improved Visibility on Cash Flow: Instant settlement enables better cash management and financial planning.
- Minimised fraud loss: Confirmation of Payee (CoP) reduces the risk of fraud losses and misdirected payments by allowing payee account name verification.
Already a client?
To find out more, please speak to your Relationship Manager
