Faster Payments Service

A new payment system

A new payment system is being developed by the UK banking industry. The Faster Payments Service will enable electronic payments, typically made via the Internet or Telephone, to be processed in hours rather than days.

Many of the UK banks, including HBOS (for both Halifax and Bank of Scotland customers), are committed to offering the new service.

The Faster Payments Service will be launched at the end of May when banks begin to roll out the service to their customers. This new service will run alongside the existing payment schemes in the UK such as Bacs and CHAPS.

Information will be available to customers prior to the launch of the Faster Payments Service to explain the features of the new service and how it could benefit them. Keep visiting this page for up-to-date information on Faster Payments.

Further information is also available on the UK payment associate site – APACS.