Using a Faster Payments API benefits both the sender and the recipient of payments. The recipient's benefits are:
- Payments immediately available as settled via the Faster Payments service, especially for use-cases such as temp workers on weekly payroll
- When a certain action takes place, funds can be sent automatically due to the API. This means the receiver can get funds instantly even outside of business hours.
- When a certain action takes place, payments can be sent automatically thanks to the API
The benefits to the sender are:
- Not having to manually input multiple payment files
- Instant feedback on the payment status including errors
- Automate payment runs without any human intervention such as authentication
How it works:
A Faster Payments API gives your business a real-time connection to make instant payments as opposed to daily or weekly batch processes that many traditional banks would offer.
The Telleroo turnaround times for bank transfers in the UK are under a minute which means your payments will be sent and accounted to the recipient's bank account instantly.