
Now accepting direct bank payments in the UK
HowToPay Limited (UK) now accepting Local Bank Transfers via
Faster Payments.
Faster Payments Service (FPS) is a UK banking initiative to
reduce payment times between different banks' customer accounts to typically a
few seconds, from the three working days that transfers usually take using the
long-established BACS system. FPS is focused on the much larger number of
smaller payments, subject to limits set by the individual banks, with some
allowing Faster Payments of up to £250,000. Transfer time, while expected to be
short, is not guaranteed, nor is it guaranteed that the receiving institution
will immediately credit the payee's account. Our experience is most payments
are instant.
Nine banks and one building society, accounting for about
95% of payments traffic, initially committed to use the service; as of May 2018
there were 21 direct participants. For smaller organizations such as building
societies and savings institutions, the service is available through agency arrangements
with a direct participant.
HowToPay.com accepts Faster Payments in the UK allowing for fast payments from clients. Faster Payments in the UK only accept GBP currency.
Clients receive an email with the details to make a payment
and a unique PAYID number to enter into the description so we can match the
payment in our system.
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