Faster Payments Update

Faster Payments is finally going live, 6 months late, on 27th May as planned previously. However, it isn’t as simple as it first appears.

The system is due to process Internet and phone payments of up to £10,000 and standing orders of up to £100,000. Standing orders are not scheduled to start being processed through the faster payments service until 6th June.

But, this system will not automatically be available to all users from the start. For example, on day one it is expected that only five percent of members’ Internet and phone payments will be processed as faster payments.

Some banks also plan to phase the system in so that lower limits will be there for the foreseeable future. So Faster Payments goes live on the 27th May, but not really…