Faster Payments only take seconds to send. The payment will arrive within a minute and is immediately visible in the recipients' bank account which means you will have instant business payments, unless the sending or receiving bank has limited access to Faster Payments which may cause delays. The system runs 24/7 including public holidays and weekends. This can be especially helpful when you run on a weekly payroll schedule.
How to get started with Faster Payments
Sending individual payments through any online business banking in the UK will most likely be a Faster Payment, meaning to send individual FPS is very simple, mostly free, and accessible to even very small businesses. When it comes to sending more than a handful of payments it becomes more difficult and you are left with three options:
- Upgrade regular Business Banking to Corporate Banking (eg. Barclays.Net)
- Use Telleroo Batch Payments
- Connect to Telleroo Faster Payments API for higher volumes
We at Telleroo are committed to end this era of slow and expensive business payments to eventually level the playing field, and make business payments as effortless as consumer payments.