CHAPS, the Faster Payments Service (FPS) and BACS are the three main payment schemes in the United Kingdom.
The FPS allows payments to be sent at a time determined by the payer, either immediately or at a later date.
Processing Faster Payments
Payment transactions via FPS are processed on sort code and account number
Each type of Faster Payment has a maximum value limit set at scheme level.
Payments sent through FPS between direct participants are usually executed and made available to the payee’s account within two hours. The execution timescales may be longer when the payment chain includes indirect participants
FPS payments can be processed 24 hours a day, 7 days a week but inter-bank settlement only occurs three times a day on Mondays to Fridays, excluding bank holidays.
The transactions executed through FPS are subject to normal fraud checks, which can create delays in processing when extra checks are required.