Faster Payments

What is Faster Payments (FP)?

The Faster Payments (FP) is a UK payment scheme that allows electronic payments in pound sterling (£) to be sent quickly between banks. As long as the receiving bank or building society supports FP and the transaction is within the payment limit, funds usually arrive almost instantly typically within seconds, and up to two hours in some cases.

FP is widely used for time‑critical payments, offering businesses a fast, secure and flexible alternative to traditional payment methods such as BACS and CHAPS. They are always online and always available to transfer any day of the week.

To discover how PayCheck can support your business, contact us for a no‑obligation conversation. We’ll walk you through our approach and explore how our payroll solutions can improve efficiency, ensure compliance and support your employees.

Note: Faster Payments are subject to successful Anti-Money Laundering (AML) checks being completed and cleared funds being received by PayCheck before the agreed payment date. Payments will be processed on the agreed date once these requirements have been met in line with the payroll situations.