Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to a few hours.

Faster Payments is designed to support one-time payments, standing orders, corporate bulk payments, and return payments.

Royal Bank of Scotland (including National Westminster and Coutts Banks) and HSBC offer Faster Payments via their electronic banking channels (Bankline and HSBC.Net).

When paying by Bacs Direct Credit, internet or telephone banking or Faster Payments you should only use the bank account details shown below.

Faster Payments - this is a service that has been introduced by the banking industry for sending payments initiated by internet or telephone banking on the same day, providing the value of the payment does not exceed the value limit set by the sending bank.

Faster Payments can be received at the weekends and on bank holidays except 25 December and 1 January.

Other electronic payment (not Direct Debit or Faster Payments)

The EISCD contains all data elements found within the ISCD, with the addition of a new section containing Faster Payments clearing information for each UK bank branch.

A18 Lawyers Seek Faster Payment A group of plaintiffs' lawyers, including some who have been awarded billions in fees for representing states in tobacco lawsuits, are exploring the possibility of having bonds issued so that they can collect their money sooner.

Faster Payments began operation in 2008.