---
title: "Faster Payments (UK)"
slug: "planned-faster-payments-uk"
updated: 2026-07-08T16:02:19Z
published: 2026-07-08T16:02:19Z
canonical: "www.documentation.paynetics.digital/planned-faster-payments-uk"
---

> ## Documentation Index
> Fetch the complete documentation index at: https://www.documentation.paynetics.digital/llms.txt
> Use this file to discover all available pages before exploring further.

# Faster Payments (UK)

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](/docs/to-publish-confirmation-of-payee-uk-concept-guide) for the full flow, and [Execute CoP Checks](/docs/execute-cop-checks) for the API integration.

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## 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.

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## Integration

For the API endpoints and step-by-step guides, see:

- [Send a Wire Transfer](/docs/send-a-wire-transfer) — outbound GBP
- [Receive a Wire Transfer](/docs/receive-a-wire-transfer) — inbound GBP
- [Execute CoP Checks](/docs/execute-cop-checks) — mandatory pre-transfer CoP verification

International Bank Account Number. A standardised international format for identifying a bank account. In the Paynetics platform, IBANs are assigned at the Balance level, allowing accounts with multiple balances to have separate IBANs per currency.

A **Partner** is the entity that integrates Paynetics’ services and offers them to end customers.

Partners operate within their own instance and manage users, merchants, applications, and programs. They define fees, user flows, and configurations within the limits of their contractual agreement and may be responsible for KYC or KYB processing.

The partner is the primary integrator and owner of the end-to-end solution built on Paynetics.

The actual transfer of funds between financial institutions to complete a card transaction or a batch of transactions. In the BIN Sponsorship context, settlement refers to the daily funding movement from the Programme Manager to Paynetics to cover net scheme obligations.

The configuration object that governs the behaviour and capabilities of Accounts and the Cards linked to them. Every Account is created under a specific Programme. Programmes are configured by Paynetics during onboarding and cannot be created or modified via the API by Partners.