What is a Faster Payment?

Faster Payments is an initiative introduced in 2008 and operated by payments authority Pay UK. It allows funds to be transferred rapidly and securely between UK bank accounts at any time.

How do Faster Payments work?

Businesses can make Faster Payments in several ways, including via mobile banking, internet banking, telephone banking, in-branch and by using payment platforms.

How can businesses benefit from Faster Payments?

Faster Payments help businesses by providing a quicker and more convenient solution for moving money. The scheme’s primary goal is to reduce the time – from initiation to receipt of the funds – that it takes to complete a payment.

What types of businesses can use Faster Payments?

Any UK business requiring domestic disbursement of funds (and international companies looking to send money within the UK) can use Faster Payments.

Are Faster Payments free?

No, there are fees involved in using Faster Payments for businesses. The fee is completely different for each business and depends on different factors such as industry and volume of payments.

How long do Faster Payments take?

Faster Payments take a matter of seconds. Provided the beneficiary’s bank is also a direct participant of the Faster Payments Scheme, the money will be received almost instantly. In rare cases, Faster Payments may take up to two hours.

Do Faster Payments have a transaction limit?

Faster Payments have an individual transaction limit of £250,000.

Can Faster Payments be reversed?

No, Faster Payments cannot be reversed or cancelled.

Which banks use Faster Payments?

The Faster Payments Scheme states that 99.99% of UK bank accounts can accept Faster Payments. Non-bank payment platforms, such as Equals Money, can also use the scheme.

09/09 - Mixed signals, muted markets

GBP: BoE members mute GBP

EUR: ECB in focus today

USD: Fed also send out mixed signals to the market

Sterling

Sterling moves remain muted and within its recent trading ranges following mixed messages from members of the Bank of England. Members Bailey, Broadbent and Ramsden told the Treasury Committee they all thought that minimum conditions for a rate rise had been met whilst Tenreyo said they hadn’t. However, all believe that an interest rate rise was not appropriate now. Governor Bailey did go on to say however Britain’s economic recovery from Covid-19 had slowed amid supply chain disruption and staff shortages.

No major data or announcements are due out today unfortunately amid more range-bound moves expected

Euro

No data out yesterday from Europe with all eyes on the ECB this afternoon. The interest rate is expected to remain at -0.5% and the Bank are expected to reinforce a low-inflation outlook potentially paving the way for additional easing in 2022.

USD

Mixed messages from the Fed’s Beige booklet last night continuing the ongoing trend amongst central banks. On a dovish note, the Fed said that economic activity has slowed sooner than anticipated largely attributed to a pullback in dining out, travel and tourism. On a hawkish note, the Bank stated that inflation is finally now starting to be of concern. Businesses anticipate a significant hike in selling prices in the months ahead and remained optimistic about near term prospects.

Market rates

Today’s Interbank Rates at 09:20 against sterling. Movement vs yesterday.

Euro	€1.166 ↑
US dollar	$1.380 ↑
Australian dollar	$1.869 ↓
South African rand	R19.49 ↓
Japanese yen	¥151.7 ↑

Have a great day.

09/09 – Mixed signals, muted markets

09/09 – Mixed signals, muted markets

Sterling

Euro

USD

Market rates

Jeremy Thomson-Cook

09/09 – Mixed signals, muted markets

Register interest

Register interest

Sterling

Euro

USD

Market rates

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Jeremy Thomson-Cook