Faster Payments
The UK near-instant payment system that allows bank transfers to arrive within seconds, 24 hours a day, 365 days a year.
Also known as: FPS, UK Faster Payments Service
Last reviewed: 10 June 2026
Faster Payments is the UK's real-time payment infrastructure, launched in 2008 and overseen by Pay.UK. Transfers of up to £1,000,000 (limit set by individual banks) typically arrive within seconds, making it extremely convenient — and a frequent vehicle for APP fraud.
Because Faster Payments are near-instant and operate around the clock including weekends and holidays, fraudsters exploit the speed to move funds before victims realise what has happened. Once money arrives in the fraudster's account, it can be withdrawn or moved onward within minutes.
UK banks are required to offer Confirmation of Payee and, under the Payment Systems Regulator's reimbursement rules, must reimburse most APP fraud victims unless the consumer was grossly negligent. If you receive a call urging you to make an urgent Faster Payment, pause and verify independently first.