Wednesday 20 October 2010

How to check if particular bank account can receive Faster Payments? (United Kingdom)

Faster Payments

How to check if the account you are sending a payment to can receive Faster Payments*?
- Well, actually for this you will need to check if the sort code associated with the account can receive Faster Payments.

More of us are using automated payments, whether that means making an internet payment via our online banking or using a Direct Debit to pay a regular bill. It is increasingly important that we are able to make automated payments smoothly and efficiently.
To help achieve this, the Payments Council has created a Sort Code Checker for the UK Payments website – which acts as a one-stop-shop for the payments industry.
The Sort Code Checker is an online resource that lets you check that the sort code you are sending a payment to can receive Faster Payments, Bacs Credits and CHAPS Payments, as well as confirm that you can set up a Direct Debit instruction on your account, and whether you can clear a cheque or pay a paper credit to that account through the cheque & credit clearing.

The Sort Code Checker uses the latest industry data, which is updated weekly, in line with industry practice.

Click here to access the Sort Code Checker

*Faster Payments

The Faster Payments Service allows customers to make faster electronic payments, typically by phone or online banking, to transfer money between accounts or pay bills, or make regular standing order payments.
When Faster Payments was launched in May 2008 it was the first new payments service to be introduced in the UK for more than 20 years.
Thirty five organisations are Participants of the scheme, and over 400 other financial institutions are able to offer the service, making Faster Payments available to more than 52 million current account holders in the UK.
Faster Payments celebrated its 10th birthday in 2018. During this time, over 9 billion payments had been sent using the service, worth a combined value of over £6 trillion! Virtually all internet and telephone banking payments in the UK are now processed through Faster Payments.

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