Google’s Answer
A UK Faster Payment is as the name suggests, a payment scheme used by the United Kingdom. It is typically a payment that is processed, sent and received in real-time in a matter of seconds. Faster payments is the alternative to other UK payment schemes CHAPS and BACS and is in most circumstances, significantly quicker. The scheme imposes a maximum of £250,000 per payment although each bank that participates on the network may have their own specified limits at or below that value.
Our Answer
A faster payment is a sterling based payment method that delivers payments up to £250,000 to recipients within seconds of being sent. Faster payments was developed to allow fast settlement of lower value transactions compared to BACS, which can take up to three days.
