Faster Payments (FPS) is the UK's primary retail payment scheme for GBP transfers. It enables near-instant account-to-account payments between UK banks and payment institutions, operating continuously every day of the year.
Paynetics supports GBP transfers via Faster Payments for both inbound and outbound transactions.
How Faster Payments Works
Speed: Most transfers complete within seconds of submission
Availability: 24/7/365 — no cut-off times, no bank holiday restrictions
Routing: Uses UK sort code and account number (not IBAN)
Limits: Single transaction limit is £1,000,000 per scheme rules; individual Partner limits may apply
Inbound Faster Payments
Paynetics account holders with GBP balances receive a UK sort code and account number that third parties can send Faster Payments to. Inbound GBP transfers are credited in near-real time.
Outbound Faster Payments
Partners initiate outbound GBP transfers via the Transfers API. The request requires:
Recipient sort code and account number
Recipient name
Amount (GBP)
Payment reference
Confirmation of Payee (CoP) is mandatory for all outbound Faster Payments. Before executing any GBP transfer, partners must submit a CoP request to verify that the recipient account name matches. See Confirmation of Payee (UK) — Concept Guide for the full flow, and Execute CoP Checks for the API integration.
CHAPS
CHAPS (Clearing House Automated Payment System) is the UK's high-value same-day Settlement scheme. It is used for high-value transactions or where same-day finality is required rather than near-instant settlement.
Contact Paynetics to understand whether CHAPS is available for your Programme configuration.
Integration
For the API endpoints and step-by-step guides, see:
Send a Wire Transfer — outbound GBP
Receive a Wire Transfer — inbound GBP
Execute CoP Checks — mandatory pre-transfer CoP verification