£1 million Faster Payments now possible
Payment service providers (PSPs) can now enable Faster Payments of up to £1 million as a result of an increase to the Faster Payment System limit. Before this the limit per payment was £250,000.
The increase in the transaction limit reflects demand from corporate customers and helps to provide greater choice in the market for those organisations wishing to make higher-value payments.
Our Faster Payment System is the UK’s 24/7 real-time payments service, which processes mobile and internet banking payments. Through it we processed 3.4 billion Faster Payments worth £2.6 trillion in 2021.
Thirty-eight payment service providers currently connect directly to the Faster Payment System, while a further 400 PSPs access the service indirectly through a sponsor bank. All of these banks, building societies and financial organisations are now able to receive payments of up to £1 million, 24 hours a day and seven days a week.
Customers should contact their own PSP directly to find out what their limit is, as any increase that a PSP might make to their own individual limit is in the competitive space.
David Pitt, Chief Executive Officer at Pay.UK, commented:“The Faster Payment System’s status as a world-class service is backed by the strong demand we continue to see amongst consumers, businesses and corporate users. We believe that increasing the maximum payment value to £1 million will continue to broaden the appeal of the service, helping to meet all users’ needs. In addition, it will open up opportunities for businesses to provide new services to their customers, enabled by our higher value 24/7 service.”