What is Faster Payments?

Faster Payments is the UK’s near-instant credit rail between participating banks. Sends use sort code and account number. Posts happen in seconds, any day, and are usually final. It is not Bacs. Bacs is the batch system. If you say “UK bank transfer” in a product, you need to know which one you filed.

How does Faster Payments work?

The sending bank submits a credit. The receiving bank posts it almost immediately. There is no three-day Bacs wait. Recalls exist but are not ACH returns. You ask, the other bank decides.

Faster Payments vs Bacs vs SEPA

Bacs is cheap and slow. Faster Payments is the domestic instant option. SEPA is euros, not sterling. Do not run one clearing pot for all three. The files and the failure modes differ.

How it works with Blnk

Hold GBP payouts on @PayoutGBP_FPS until the bank confirms. Store sort code and account number in metadata. Commit on success. Void on rejection.