Faster Payments is a payment solution utilized by Transfer Vault for businesses conducting transactions in GBP within the UK.
With Transfer Vault, receiving payments within the UK is free of charge, while sending them costs just 60p. Faster Payments enables transactions of up to £1,000,000 with all UK banks.
Faster Payments is regulated by the FCA and operated by Pay.UK. It has a proven track record of several years, offering speed, security, and stability. This makes it ideal for swift processing of UK-only transactions.
If your business needs to send payments within the UK in GBP, our International Business Account can assist you
In principle, Faster Payments serves a similar function as SWIFT but is exclusively for transactions within the UK using GBP.
SWIFT is employed by global businesses for international transactions, supporting a wide range of currencies. Payments in GBP or EUR can be converted into local currencies as needed. SWIFT transactions may take longer due to involving intermediary banks between the sender and recipient.
Similar to SWIFT, SEPA serves a comparable purpose to Faster Payments, but with distinct characteristics.
SEPA is designed for EUR payments exclusively within countries participating in the agreement. This includes all EU member states, the UK, European Free Trade Association members, and certain microstates like Monaco and Vatican City with special arrangements with the EU.
SEPA aims to streamline cross-border EUR payments within the EU, akin to domestic transfers within a single country.
The primary benefit of Faster Payments is evident in its name—it’s exceptionally fast!
Faster Payments processes GBP transactions within the UK swiftly, typically within minutes, though some transactions may take up to two hours. Transactions are available 24/7, ensuring flexibility for businesses, though weekend processing may vary by bank.
Faster Payments is FCA regulated, guaranteeing secure and reliable transactions.
If your business requires efficient GBP transactions within the UK, consider our UK current account. This local, virtual GB IBAN simplifies high-value business payments across the UK.
