Faster Payments enables UK banks and building societies to send and receive payments within a much shorter time than payments made through the BACS 3 day service.
The Faster Payments service benefits you by speeding up one-off payments made over the internet, at a branch, ATM, mobile or phone so payments clear within hours, not days. It is possible to make these payments all day every day. The service also enables regular Standing Order payments to be sent and received on the same bank working day.
This does not affect Direct Debits.
Single Immediate Payment (SIP): this is a one off immediate payment made via the Internet Bank, at an ATM or via Telephone Banking that can be made 24 hours a day, 365 days a year, or at a retail branch during normal opening hours.
Forward Dated Bill Payment (FDBP): A payment to an existing arrangement, diarised for a date in the future.
Standing Order Payment (SOP): A regular payment made on a specific date for the same amount.
Banks and building societies have set their own payment limits and restrictions for sending Faster Payments; these limits will need to be checked with the bank or building society the money is being sent from.
Nationwide’s Faster Payments limit is £10,000 per transaction. There is no limit to the number of individual transactions you can complete in one day.
Yes, immediate Bill Payments, using the Faster Payments service can be made at an ATM and at the Branch or by using the Internet Bank, Mobile Banking app or Telephone Banking.
The majority of Faster Payments to FlexAccounts will be accepted immediately and the account will be credited within two hours.
For a Single Immediate Payment (SIP) the payment status will be displayed on the Internet Bank within 15 seconds of confirmation that your payment has been sent.
All Faster Payment debits are displayed on your mini statement immediately after they’re transmitted.
If a Faster Payment is rejected, or returned at a later date, you will see a corresponding credit on your mini statement. The reason for the rejection or return will appear on your full online statement.
Delays with payments may occur if we have a problem retrieving a response from the beneficiary bank. Please do not attempt to resend unless the payment has been re-credited to your account. You can check this on your mini-statement. Clicking away from the payment outcome page will not affect your payment as it has already been initiated at this point.
Please contact our call centre on 08457 30 20 10 to receive a status update on your payment.
Nationwide cannot send the payment if the sort code you are sending the payment to does not accept Faster Payments. You may be able to send the payment via CHAPS (which incurs a £25 charge) or contact the payee or organisation or the receiving bank or building society and ask them to advise of an alternative method of payment. You can click on the link below to access the UK Payments sort code checker to see which sort codes accept Faster Paymentswww.apacs.org.uk/payments_industry/faster_payments_service.html
No. Following a European wide review of payment processes, new regulations have been introduced that state from 1st January 2012 Nationwide must ensure that any payments we make on your behalf arrive at the destination bank or building society no later than the end of the next working day. Payments sent via BACS are not compliant with the Regulations and we cannot use this method from 1st January 2012. Therefore, if the sort code you need to send a payment to has been enabled to receive Faster Payments then this is how your payment will be sent.
Faster Payments is a real time system where sort code and account number are the prime means of the beneficiary identifying a unique account match. Some banks have historically amended (repaired) incorrect BACS payment details without notifying the customer, but they will not do this for Faster Payments.
As a result payments that previously would have been accepted, may now be rejected by the beneficiary bank.
If you receive a rejection for a payment, please confirm the correct sort code, account number and reference details with the beneficiary and correct your arrangement if necessary.
Nationwide is currently offering the Faster Payments service through Internet Banking, Mobile Banking, at a branch, at an ATM and via Telephone Banking.
Yes. All Nationwide accounts, including Ex-Portman accounts can now receive Faster Payments.
No, you will not be charged for sending or receiving Faster Payments.
Providing the beneficiary sort code has been enabled to receive Faster Payments, you will not need to change anything to ensure your payments are sent as Faster Payments. You can however, review and, where necessary, adjust the date the payments are scheduled to be paid.
Please note that some accounts have special conditions. Standing Orders or Forward Dated Bill Payments set up to these accounts may need to be amended so that payments received earlier do not affect those conditions. Such accounts could include:
You will start earning interest from the day that the payment is received in your account.
No, currently Faster Payments are designed to be used as a personal banking service for one off payments. This approach is the same across the industry.
Yes. You can pay your Credit Card if the account you are paying from can send Faster Payments. Your Nationwide Credit Card Account will accept payments made via Faster Payments.
If you are paying your Nationwide Credit Card from your FlexAccount then this will go via an internal transfer and be credited on the same day that the payment is made.
UK Payments and Faster Payments
Sort code checker