In 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 no longer takes three business 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.
Faster Payments are available to lloydsLink customers now and later this year you will be able to send Faster Payments through our Online for Business service. We will tell you more about this nearer the time.
The three-day BACS and same-day CHAPS schemes are still available.
Most Faster Payments will be processed and accepted by the receiving bank almost immediately. In most cases the money will have cleared and will show on the recipient's bank account within a couple of hours. However, as other banks process their payments differently we can't guarantee when this money will be credited to the recipient's account.
Some utility bills and credit card payments may take a few days to reach the individual account, so it's worth checking with each company concerned how quickly they will process your payment once they receive it.
Find out more about our charges.
If you want to take advantage of our LloydsLink Faster Payments service, please contact your Relationship Manager.
If you have a Lloyds TSB personal account, find out more about how Faster Payments affects you here.
We welcome the introduction of Faster Payments Service and we will continue to provide you with updates over the coming months.
