Glossary · Banking
Faster Payments
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Definition: The UK's near-real-time bank transfer system — most transfers up to £1,000,000 settle within minutes, 24/7.
Run by Pay.UK. Standard limits per bank can be lower (e.g. £25,000 by some apps), though most increase via app or branch verification. APP scam reimbursement rules apply to Faster Payments since 7 October 2024.
Primary source: wearepay.uk