Faster Payment (FPS)
Co-Founder•1 min read
The Faster Payments Service (FPS) is a UK payment system that allows money to be sent and received between bank accounts almost instantly, 24 hours a day, 7 days a week.
It’s commonly used for online banking, mobile app transfers, and business payments within the UK. Most transactions settle in seconds, though the official limit is within two hours.
As of 2025, the maximum payment limit is typically £1 million, though individual banks may set lower limits.
Example:
A company pays a supplier £5,000 via Faster Payment at 10:00 AM — the supplier usually receives the funds by 10:01 AM.
Used in:
UK domestic payments, payroll, supplier settlements, and real-time business banking.