Bank transfers & instant payments · Available
Faster Payments (UK)
Faster Payments is the UK's real-time bank transfer rail, live since 2008 and run by Pay.UK: a transfer between any two UK bank accounts arrives within seconds at any hour, with a scheme limit of 1 million pounds per payment. At checkout the payer transfers the amount to the provider's account with a reference, the provider matches it and confirms; there are no chargebacks, and the same rail carries payouts and refunds.
Key facts
- Countries
- United Kingdom
- Currencies
- GBP
- Operations
- Pay-in · Payout · Refund
- Settlement
- instant
- Chargebacks
- not possible
How a payment goes through
- 1The checkout shows the account details, the amount and a reference
- 2The payer sends the transfer from their banking app
- 3The provider matches the incoming transfer by reference and amount
- 4Webhook to the merchant; unmatched transfers are refunded
How a payment goes through
- The checkout shows the provider’s account to pay to, the amount and a reference.
- The payer sends a Faster Payments transfer from their banking app.
- The provider matches the incoming transfer by reference and amount, within seconds, and confirms.
- Tranzify writes the result and calls the merchant’s webhook.
Faster Payments against BACS and CHAPS
Of the UK’s three interbank rails, Faster Payments is the one that fits a checkout: real time, around the clock, with a limit high enough for any retail or trading payment. The method is live in the catalogue.
| Faster Payments | BACS | CHAPS | |
|---|---|---|---|
| Speed | seconds | three working days | same day, in business hours |
| Hours | 24/7 | working days | working days |
| Scheme limit | 1 million pounds | set by the bank | none |
| Typical use | pay-ins, payouts, refunds | salaries, direct debits | property and high-value transfers |
| Chargebacks | none | direct debit guarantee | none |
Payouts and refunds
Payouts: yes, to any UK sort code and account number, in pounds, through TrueLayer, Volt or Sgate. Refunds: yes, sent back by Faster Payments to the account the payment came from. Recurring: no, every transfer is initiated by the payer.
Who uses it
Forex and CFD brokers, iGaming and betting, crypto exchanges and on/off-ramp, fintech and neobanks, marketplaces and platforms: deposits and withdrawals that must land in seconds, in both directions, without card fees or chargebacks.
How to connect
- 1Onboard with Tranzify and get your network, keys and back office.
- 2Enter your account with the provider in the terminal settings — Tranzify already speaks its API.
- 3Add routing rules: countries, currencies, amounts, BIN ranges, priorities and weights.
- 4Go live. Every payment, callback and retry is in the journal for five years.
Providers offering this method
Industries
Terms
Frequently asked questions
How is this different from Open Banking?+
What are the limits?+
Which providers handle payouts?+
Related methods
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