Faster Payments Service definition

Faster Payments Service means the payments service which allows faster electronic payments to be made between accounts in the UK with sort codes capable of receiving faster payments held with banks and building societies which are either members of the service or participants in the service;

Faster Payments Service or “FPS” means the payments service in the UK which enables payments to be processed in near real time. Both the sending and receiving f inancial institution need to be members of the FPS Scheme and certain f inancial limits apply;

Faster Payments Service means the payments service which allows faster electronic payments to be made between accounts in the UK with sort codes capable of receiving faster payments held with banks and building societies which are either members of the service or participants

Examples of Faster Payments Service in a sentence

• We may not be able to carry out a payment instruction if the bank or building society you are sending the payment to is not a member of the Faster Payments Service or a participant in the Faster Payments Service.

• Electronic Payments can be made into your Account using the Faster Payments Service, CHAPS or Bacs.

• If we cannot make a payment using the Faster Payments Service we will notify you or make this information available to you as described in clause 7 and you can contact us to ask if there is any other method available to make the payment.

• If you give us an instruction to make a recurring payment using the Faster Payments Service on certain future dates (for example, the same payment on the first day of each month), each payment shall be treated as an individual instruction, and we will be deemed to have received your instruction for each individual payment on the future date (or, if a non-Business Day, the first Business Day after that date) on which each payment is to occur.

• If you give us instructions to make a payment on a future date using the Faster Payments Service, or as set out in 7.18, that future date (or, if a non-Business Day, the first Business Day after that date) will be the date on which we will be deemed to have received your instruction.

More Definitions of Faster Payments Service

Faster Payments Service or “FPS” means the payments service for sending money within the UK which enables payments to be processed in near real time;

Faster Payments Service means the service as developed in the banking industry and the central infrastructure which is to be provided by Immediate Payments Limited to provide the ability to make near real time Payments direct into Bank Accounts.

Faster Payments Service or “FPS” means the

Faster Payments Service. (FPS) means an Electronic Payment to accounts held with UK banks and building societies.

Faster Payments Service means the payments service which allows

Faster Payments Service or “FPS” means the payments service for sending money within the UK which enables payments to be processed in near real time. Both the sending and receiving financial institution need to be members of the FPS Scheme and certain financial limits apply;

Faster Payments Service or “FPS” means the payments service for sending money within the UK which enables payments to be processed in near real time. Both the sending and receiving f inancial