Faster Payments key facts and information
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AccessPay’s Faster Payments Module allows you to complete urgent payments within minutes, rather than days.
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Faster Payments key facts and information
- 1. Faster Payments key facts and information
- 2. What is Faster Payments? • Launched in 2008. • Faster Payments is a speedy, secure and cost effective way of transferring money (up to £100,000) within hours rather than days. • Faster Payments is used extensively by UK businesses. • Also allows general public to make payments such as bills, standing orders and online transfers. • Available 24 hours a day, 7 days a week.
- 3. What types of payments can be made through Faster Payments? Four types of payments can be processed through the Faster Payments Service: Single immediate payments Forward-dated payments Standing orders Corporate bulk payments
- 4. Single immediate payments Customer can make single immediate payments through online or telephone banking, or by visiting their bank. Forward-dated payments A payment set up to be made at a future date. For example, to pay a utility bill. Standing orders A regular payment to the same recipient, for the same amount on regular dates. Corporate bulk payments Files of Bacs payment messages that can be submitted to the Faster Payments Service for payment on the same day.
- 5. Popular business uses for Faster Payments Payroll – Faster Payments can speed up and improve your payroll processing. Supplier payments – The speed and ease of Faster Payments can improve supplier relationships. Expenses – Reimburse employees for expenses straight away. Disaster recovery – Faster Payments can form part of your disaster recovery plans. Unexpected payments – Faster Payments are ideal for last minute and unexpected payments.
- 6. AccessPay’s Faster Payments module Key Benefits: Instant access – We give you secure, instant access to a VocaLink “Secure IP” network. Ease of use – Making a payment is simple, with anywhere/everywhere mobile access. Speed – Typically, your recipient will be able to access transferred funds within two hours. Security – The module runs on an extremely secure-IP infrastructure.
- 7. If you think your business will be able to benefit from quick, easy and affordable Faster Payments, the AccessPay Faster Payments module could be just what you’re looking for. Any Questions? AccessPay CEC Winchester - Crawford Place, 259-269 Old Marylebone Rd, London NW1 5RA Tel: +44 (0) 203 282 7152 Email: info@accesspay.com Website: www.accesspay.com Blog: blog.accesspay.com Connect with us: