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.

Equals Money - what we've changed and why

This year has been a challenging one for businesses around the world, and has required us all to adapt to new conditions – changing consumer behaviour, interruptions to supply chains, and new ways of working.

During this time, we’ve never lost sight of our mission to help you and your business get more for your money. It’s the constant pursuit of this mission that brings us here today as we introduce you to our refreshed name and logo, our new website and a couple of new services for your business to take advantage of.

We are what we do

Last year we launched Equals – the B2B brand of the Equals Group. The name ‘Equals’ was grounded in the idea that incremental changes all add up to equal more – smoother cash flow, simplified money management and smarter processes.

Those principles still stand and the name Equals remains, we’ve just added ‘Money’ to ensure our logo encompasses exactly what we do, and add meaning to our identity.

From travel money to money transfers, currency hedging to expense management, we combine advanced payments technology with expert personal service to help you manage your business’s global cash flow, simply and cost-effectively.

Equals Money – what we’ve changed and why

Refining our website

Our new website brings you closer to our services and to our team. We showcase the products and platforms that are available to you and your business, detailing how you can benefit from each along with testimonials from some of our 10,000+ business customers.

You’ll also see a few of our team on the new website too. Here at Equals Money we pride ourselves on our currency expertise and personalised support. We don’t hide behind automated emails or third party call centres, we provide a dedicated service that is tailored to the needs of our customers. So why not get familiar with the faces behind everything that we do, from our Chief Economist to our customer service team.

Speaking of our Chief Economist, you can sign up to our daily market reports or read through some of our longer articles on the Equals Money blog. From the upcoming US election, to what expenses might look like in a post-Covid world, all our expert content is ready and waiting for you to dive into on the new site.

Adding more to our business offering

The changes we’ve made go beyond an updated logo and a new website. We’ve added two new platforms that enable your business to make better payments and service your clients like never before.

Our payment platform gives your business access to the UK Faster Payments network, allowing you to make domestic payments instantly. This means real-time settlement and automated processing which leaves you more time to focus on what matters – growing your business.

Our broker platform allows other currency brokers in the UK and overseas, to use our international payments platform for their clients, meaning that we are able to support a wider range of industries and businesses through a network of specialist brokers.

We’re excited to launch both these platforms, and look forward to expanding our product portfolio further to serve your business even better.

Thanks for reading and welcome to Equals Money.

Equals Money – what we’ve changed and why

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Adam Baldwin