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What are Faster Payments?

Faster Payments is a service that allows you to make faster electronic payments, typically by phone or online banking, to transfer money between accounts or pay bills, or make regular standing order payments.

Faster payments are normally sent to us by participating banks or building societies on the same day that you request the payment to be sent. However, this will depend on when your bank processes your payment.

To ensure an online or telephone payment to your Barclaycard account reaches us on the same working day, please submit your payment by 6pm if paying from a Barclays Bank account or 4pm if paying from another bank or building society participating in the Faster Payments scheme.

The Faster Payments Service only applies to the following payments methods: Telephone Banking / Online Banking (£10,000 Maximum) and Standing Orders (£100,000 Maximum).

Faster Payments and Bacs operate alongside each other. If a payment is within the Faster Payments Scheme Limit and can be sent via a participating member banks, the Faster Payments Services systems will automatically send it that way. If not, then it will be sent via Bacs where payments generally take longer to process.

You can find out more about Faster Payments at www.fasterpayments.org.uk.

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