Faster Payment Service
Faster Payment Service
With effect from 27 May 2008, a new ‘Faster Payments Service’ is being introduced in the Banking industry.
The aim of this service is to reduce the amount of time taken for electronic transfers to be processed so that the money reaches the beneficiary’s account on the same day the request is made.
This process is a huge improvement on the current system where the standard processing time is three working days. It is supported by 13 of the UK’s largest banks and building societies although the system will be phased in at different times across the Banking industry.
The aim of this service is to reduce the amount of time taken for electronic transfers to be processed so that the money reaches the beneficiary’s account on the same day the request is made.
This process is a huge improvement on the current system where the standard processing time is three working days. It is supported by 13 of the UK’s largest banks and building societies although the system will be phased in at different times across the Banking industry.
Our service to you
Here, at Leek United, we will be able to accept incoming faster payments, up to the value of £10,000, from another participating Bank with effect from the 27 May.
This means that if your Bank is ready to implement the Faster Payments Service, you simply contact them by telephone, or log onto your online banking system, and instruct them to pay an amount of money (up to £10,000) into your Leek United account. The money will then be transferred to your account the same day, providing all the information you supply to your Bank is correct.
NB: Before attempting to utilise the Faster Payments Service, we recommend that you contact your Bank to check whether they are able to facilitate your request.
Will this affect other services?
There will be no change to other services offered by Leek United and you do not need to do anything to receive Faster Payments into your account. This service will run alongside existing payment schemes in the UK such as BACS and CHAPS.
Benefits to you
You will receive payments quickly, which will help you manage your cashflow.
Our Commitment
Leek United welcomes the introduction of Faster Payments and we will continue to provide you with further information when this is available.
However, for more information you may wish to click here to visit the APACS website : http://www.apacs.org.uk/payments_industry/faster_payments_service.html
However, for more information you may wish to click here to visit the APACS website : http://www.apacs.org.uk/payments_industry/faster_payments_service.html