Faster Payments is a brand new payment clearing scheme for sterling payments in the UK (separate to Bacs and CHAPS) that is being phased in from 27th May 2008.

It will offer customers the ability to send low value payments that will reach beneficiaries’ accounts the same day and will operate 24 hours a day, 7 days a week, 365 days a year.

Retail customers will be able to submit Bill/Invoice/Ad-hoc Payments up to a value of £10k through the new scheme and Standing Orders up to a value of £100k. Business customers who are beneficiaries of Faster Payments will generally have funds available to them within 2 hours (even when the bank is closed) and the payment is irrevocable.

We are committed to offering you value adding solutions.

To discuss your particular interests regarding Faster Payments, please contact us through your branch or via your relationship team.

Select the following link for an update on the current status of the Barclays' phasing in of Faster Payments.

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