19 October 2023 3 minutes

Faster Payments: everything budding business owners should know

The Faster Payments System offers a range of benefits that are highly useful for businesses operating in the UK. Learn everything you need to know about Faster Payments in our latest blog.
Faster Payments: everything budding business owners should know

If you make regular business transactions in the UK then it's highly likely that you’ve heard of Faster Payments. Haven’t heard of Faster Payments? Don’t worry – we delve into what it is and how it can benefit budding businesses.

What is Faster Payments?

The Faster Payments Service (FPS) is a payment system used in the United Kingdom (UK) that facilitates speedy transactions for individuals and businesses. Before Faster Payments, transactions between UK bank accounts took up to three working days, but with its introduction in 2008, payments from one UK bank to another can now happen within minutes. 
Faster Payments has grown tremendously in popularity as a payment method, with a record-breaking 3.4 billion transactions made last year. 

How does Faster Payments work?

For business and everyday transfers, Faster Payments works the same as most online bank transfers – you can make them using your mobile banking app, telephone banking or in-branch using most self-service machines.

Daily limits and things to know

Faster Payments enables you to send and receive payments of up to £1,000,000 between all UK banks.

It can cost up to £2.50 per transfer with most corporate banking providers. However, for businesses using a 3S Money International Business Account, receiving Faster Payments within the UK is free of charge, while sending them costs just 60p.

With Faster Payments, your transactions are safe and secure too, as it's FCA-regulated (and part of pay.uk).  If your business needs to send quick payments within the UK (in GBP) our UK IBAN can help - check your eligibility to get started.


What type of payments can you make using the Faster Payments?

Single payments

Single payments are the most common type of payments businesses can make with Faster Payments. They’re generally ‘one-off’ payments that can be made 24 hours a day. With 3S Money, your payments to UK accounts can be made within seconds.


Standing orders

These are fixed-value payments set up to be processed on a repeat date, to the same recipient. Standing orders can be used to pay recurring invoices or subscriptions.

A scenario where you might set up a standing order is when arranging monthly payments to your UK-based supplier.


Bulk corporate payments

Bulk corporate payments allow businesses to send multiple payments to multiple recipients. A scenario where you might use this is when paying employee salaries.


Forward-dated payments

These are similar to single payments as they’re also considered ‘one-off’ transactions. The main difference is that they’re set up in advance to be sent on a pre-arranged date.


Which banks use Faster Payments?

Every Bank and electronic money institution (EMI) in the UK uses Faster Payments, but it’s also used by the likes of:
  • Bank of England
  • Bank of Scotland plc
  • Lloyds Bank plc
  • Santander
  • Starling Bank
  • Modulr
  • Nationwide
  • HSBC Bank plc 
  • The Access Bank UK, and many more.
3S Money is an electronic money institution (EMI) that uses Faster Payments to facilitate payments within minutes.

The benefits of using the Faster Payments network

The main benefit of using Faster Payments can be found in the name – it’s fast! This means no delays on your important business payments – whether you’re paying local taxes, salaries or suppliers. Other benefits include:
  • Increased flexibility. Faster Payments is available 24/7, so you’re not restricted to traditional banking hours.
  • Transparency and security. The Faster Payments service is regulated by the Financial Conduct Authority (FCA), which means your funds are protected – 3S Money is also regulated by the FCA, so any UK payments made with our International Business Account are also secure. 
  • Last but not least, Faster Payments offers enhanced efficiency and speed. This means increased confidence from senders and trust in recipients.

Unlock your global potential with 3S Money

If you’re ready to expand to UK markets and optimise your payment processes, don’t let geographical borders limit you. With a 3S Money International Business Account, you can do business in over 190 countries with access to over 65 currencies. Get started with a UK IBAN today.


Meet the authors

Sharyh Murray


Sharyh is the lead Content Writer at 3S Money with a strong background in crafting high-quality, compelling fintech and FX-related articles. With extensive expertise in the field, Sharyh's writing resonates with a variety of audiences and drives action among readers, whatever the financial topic.


Enjoy this blog?  Share with your connections

You may also like

Payment Guides

How to send money to the Netherlands

In this guide, we’ll cover everything you need to know about sending and receiving business payments to the Netherlands, including how long it takes, ...
69 days ago
Matthew Ivo
Payment Guides

How to send money to Hong Kong

Hi, Nǐ hǎo, hello! Making business payments to Hong Kong couldn’t be easier thanks to our comprehensive payment guide.
70 days ago
Matthew Ivo
Payment Guides

How to send money to the UK

Wherever you are in the world, transferring money should never be complicated – and these days, it doesn’t have to be. We explain how to send money to...
78 days ago
Matthew Ivo