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8 Simple Steps to Faster Payments

8 simple steps to Faster Payments The Faster Payments Service is the largest real-time payment system in the world that operates 24 hours a day, 7 days a week. there, I'm Andrew Hell, I'm Charlie MEET ANDREW & CHARLIE... Andrew wants to give £50 to his friend Charlie, who has an account with another bank. Andrew wants Charlie to receive the money as soon as possible... CUSTOMER CONTACTS BANK Andrew contacts his bank and instructs them to pay Charlie £50. Andrew can contact his bank in a number of ways: • He can visit his nearest branch. • He can telephone them. • He can go online and use his internet banking service. BANK COMPLETES SECURITY CHECKS Andrew's bank carries out its normal security checks to verify that he is the genuine customer and that he can send a Faster Payment. Andrew may be asked to provide: •A password. • Personal information such as his date of birth. • A security question that the bank has on record PASSWORD: **** - **** PAYMENT INSTRUCTION (CUSTOMER) In addition to specifying the amount, Andrew provides his bank with the following information: • The name of the account. • Charlie's bank sort code. • Charlie's bank account number. • A reference that will help Charlie identify who the payment is from. PAYMENT AUTHORISATION (SENDING BANK) Andrew's bank (the sending bank) now completes the following actions: • They check that Andrew has enough funds for the transaction. • They perform appropriate validation on Andrew and his account. • They send the transaction to the Faster Payments service. In certain circumstances, the bank may need to hold the payment to undertake further fraud protection checks. Please note: Once this step is complete, Andrew can no Longer cancel the transaction. PAYMENT INSTRUCTION (FASTER PAYMENTS) After checking that all the relevant details are included and properly formatted. The Faster Payments Service sends the payment instruction to Charlie's bank (the 'receiving bank') and then debits Andrew's bank (the sending bank) to the tune of £50. PAYMENT AUTHORISATION (RECEIVING BANK) Charlie's bank checks all the relevant details are included ш & properly formatted, and then lets the Faster Payments Service know that they have accepted the payment. COMPLETION The Faster Payments service credits Charlie's bank with £50 and sends a message to Andrew's bank to tell them the transaction was Successful. Andrew's bank marks the payment as complete. CONFIRMATION Finally, Andrew's bank sends hima confirmation that the Thanks Andreus! transaction was successful. Note: If Charlie's bank is a Faster Payments Scheme member, he'll normally be able to see the £50 credit and access his funds within minutes. If Charlie's account is with a non-member of the Faster Payments Scheme, then it may take longer AccessPay Payment and Cash Management

8 Simple Steps to Faster Payments

shared by AccessPay on May 16
Faster Payments Service is a popular UK based payment system as it operates 24 hours a day, 7 days a week. 8 simple steps described in this infographic by AccessPay on how to setup such a payment process.




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