Faster Payments
Faster Payments allow for near real-time transfers in GBP between UK bank accounts up to £1m.
Faster Payments in detail
Faster Payments can be sent and received 24/7 all year round. In most cases, the money will reach the beneficiary’s account within seconds but it can take up to two hours. These payments are suitable for any clients who need to make low-value payments with near real-time settlement.
Overview
- Cost-Effective Transactions: Faster Payments typically incur lower fees, making it a budget-friendly option for businesses.
- Convenient for Regular Payments: Ideal for recurring payments such as salaries, bills, and subscriptions, Faster Payments simplify the process of managing regular financial commitments.
- Enhanced Cash Flow Management: The immediacy of transactions allows businesses to maintain better control over their cash flow, ensuring that funds are available when needed.
Key features
- Available 24/7 all year round via HSBCnet, Mobile and HSBC Connect. There is no cut-off time.
- Transactions typically completed in seconds (within a maximum of two hours).
- Real-time confirmation of payment status lets the sender know the funds have been received successfully.
- Immediate payments enhance customer and supplier relations.
- Instant settlement enables better cash management and financial planning.
- Confirmation of Payee (CoP) reduces the risk of fraud losses and misdirected payments by allowing payee account name verification.