Faster Payments
Faster Payments (FPS) is the UK's real-time bank transfer scheme — money moves between accounts in seconds, any time of day, and is final once sent.
Faster Payments (FPS) is the UK’s real-time bank transfer scheme: money moves from one account to another in seconds, 24/7, including nights and weekends. Once it’s sent, it’s final.
How it works
- Payments clear and settle in near real time, not in a daily batch.
- The scheme runs continuously — there’s no cut-off waiting for the next working day.
- Per-transaction value limits apply, so very large transfers often route via CHAPS instead.
Set against the UK’s other rails: BACS is the slow, cheap batch rail; CHAPS is the same-day, high-value rail; Faster Payments is the fast, everyday one.
Why it matters
Instant is convenient, but instant also means irrevocable — send to the wrong account and there’s no automatic reversal. That’s exactly why authorised push payment fraud targets this rail: the speed that helps you helps a scammer too. For a platform paying out at volume, the answer is confirming the payee before the money moves, not after.
How Fynex does it
Fynex uses Faster Payments for real-time UK payouts and confirms payee details before sending — verify-before-pay — so speed doesn’t cost you finality. Larger, time-critical transfers route via the right rail automatically. See Faster Payments vs BACS vs CHAPS.