Faster Payments
From 27 May 2008 the UK banking industry introduced a new service called Faster Payments. This service has transformed the UK banking payments system.
With Faster Payments, it will no longer take three working days to make low value payments. Most customers of UK banks will be able to make and receive these payments in a matter of hours.
The three-day BACS and same-day CHAPS schemes are still available.
How does it affect your business account?
Since May 2008 you may have received Faster Payments into your business account.
Later this year you will be able to send Faster Payments through our LloydsLink service and Online for Business service. We will tell you more about this nearer the time.
If you have a Lloyds TSB personal account, find out more about how Faster Payments affects you here.
Benefits for you
- Improved cashflow: You’ll receive payments quickly which will help you manage your money.
Our commitment
We welcome the introduction of Faster Payments Service and we will continue to provide you with updates over the coming months.
