Industry21st July 2022

Faster Payments four times better: £1 million transaction limit now live

Faster Payments
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Earlier this year, Pay.UK quadrupled the transaction limit on their Faster Payment System. Today, we’re excited to announce that the increased limit is live and available to all ClearBank clients. Read on for all the details.

What is Faster Payments?

Faster Payments is the system which allows for electronic payments to be sent and received almost immediately. They’re what most end customers consider everyday transactions made online, over the phone, in branch or using a self-service machine.

Up until recently, payments over £250,000 would need to be made via CHAPS, which take longer and carry a higher cost. That was until Pay.UK quadrupled the transaction limit to £1,000,000 – giving organisations the ability and flexibility to set higher limits up to £1,000,000 should they wish to do so.

What does that mean for our clients?

Put simply, ClearBank clients can now process Faster Payments up to £1,000,000.

The new transaction limit is live and available to all our clients. This is game-changing news, especially for their corporate customers who can now send business payments up to £1,000,000 at a moment’s notice knowing they’ll be received in real-time.

Innovations like this enable UK businesses to move forward, faster. They facilitate growth at a time when many businesses are moving out of a post-pandemic recovery phase and ramping up operations. In giving their customers 4x more powerful payment capabilities, our clients are adapting to their evolving needs and playing an active role in their growth trajectory.

“ClearBank was built on the belief that banking infrastructure would no longer slow down progress. Changes like this put that belief into action. In making payments up to £1,000,000 faster and more affordable, banking infrastructure is stepping into a new era of financial services. The new Faster Payments transaction limit will enable ClearBank clients to be a catalyst for progress as they provide greater choice and cater to the fast-paced needs of their customers.” says John Salter, Chief Customer Officer at ClearBank.

As a direct participant of UK payment schemes, we were thrilled to work with Pay.UK on the limit increase. We’re proud to be able to offer £1,000,000 Faster Payments transactions to ClearBank clients, ahead of schedule, starting now.

Find out more

If you’d like to find out more about the new Faster Payments limit, get in touch today at [email protected].

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