Faster Payments Service (FPS)
Pay employees quickly and securely with PayCheck’s Faster Payments Service (FPS). Designed for speed and flexibility, FPS enables near real‑time payments helping you meet payroll deadlines, handle urgent payments and improve employee satisfaction.
Whether you need same‑day payments or a reliable alternative to traditional payroll methods, PayCheck integrates Faster Payments seamlessly into your payroll process.
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What is Faster Payments Service (FPS)?
The Faster Payments Service (FPS) is a UK payment scheme that allows electronic payments in pound sterling (£) to be sent quickly between banks. As long as the receiving bank or building society supports FPS and the transaction is within the payment limit, funds usually arrive almost instantly typically within seconds, and up to two hours in some cases.
FPS is widely used for time‑critical payments, offering businesses a fast, secure and flexible alternative to traditional payment methods such as BACS and CHAPS. They are always online and always available to transfer any day of the week.
To discover how PayCheck can support your business, contact us for a no‑obligation conversation. We’ll walk you through our approach and explore how our payroll solutions can improve efficiency, ensure compliance and support your employees.
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WHY FASTER PAYMENTS
Key Benefits of Faster Payments for Payroll
Our Faster Payments Service is designed to integrate seamlessly into your payroll process, giving you speed, flexibility and complete control over employee payments.
Near Real‑Time Payments
Send employee payments instantly or within minutes perfect for urgent payroll runs or last‑minute adjustments.
Improved Flexibility
Unlike traditional batch payments, FPS allows greater control over when payments are released.
Secure & Reliable
Payments are processed through secure UK banking infrastructure, ensuring safety and reliability.
Ideal for Time‑Critical Payroll
Perfect for ad‑hoc payments, corrections, bonuses or missed payroll deadlines.
Better Employee Experience
Employees receive payments faster, improving trust and satisfaction.
Ongoing Support & Flexibility
Our team supports you with ad‑hoc payments, corrections, and urgent payroll needs ensuring you always meet deadlines.
Our Accreditations
Who Should Use Faster Payments?
Faster Payments allows you to transfer money from a business account directly into an employee’s bank account, without having to use legacy payment processing systems like BACS or CHAPS.
FPS is ideal for
Businesses needing urgent or same‑day payroll payments
Employers managing last‑minute payroll changes
Companies paying bonuses, commissions, or corrections
Accountants handling client payroll with tight deadlines
Organisations seeking greater payment flexibility
These additional capabilities ensure your payroll system remains secure, integrated and fully adaptable to your business needs.
How Our Faster Payments Service (FPS) Works
Payroll Processing & Approval
We process your payroll accurately and provide reports for your review and approval before payments are released.
Payment Instruction Setup
Once approved, payment instructions are prepared securely, ensuring all employee payment details are accurate and ready for submission.
Faster Payments Submission
Payments are sent via the Faster Payments Service directly to employee bank accounts, enabling near real‑time transfers.
Funds Received Quickly
Employees typically receive their payments within seconds or minutes (and up to two hours in some cases), depending on their bank.
Why Businesses Trust the PayCheck Team
Faster Payments Service - FAQs
How quickly do FPS payments reach employees?
Faster Payments are typically completed almost instantly, with funds arriving in seconds or minutes. In some cases, depending on the receiving bank, payments may take up to two hours.
Is Faster Payments suitable for payroll?
Yes, FPS is ideal for payroll, particularly for urgent or same‑day payments, corrections, bonuses, or missed payroll runs.
What is the difference between Faster Payments and BACS?
Faster Payments process transactions almost instantly, whereas BACS payments follow a three‑day processing cycle. FPS is best for urgent payments, while BACS is commonly used for scheduled payroll runs.
Are there limits on Faster Payments?
Yes, payment limits vary depending on the bank or building society. Most UK banks allow high‑value FPS transactions, but limits should be confirmed for large payroll payments.
Is Faster Payments secure?
Yes, FPS uses secure UK banking infrastructure and robust fraud prevention measures, ensuring payments are processed safely and reliably.
Can Faster Payments be used alongside BACS?
Yes, many businesses use both FPS and BACS together. BACS for regular payroll runs and FPS for urgent or ad‑hoc payments.
Can FPS be used for last‑minute payroll changes?
Yes, Faster Payments are ideal for handling last‑minute adjustments, corrections, or missed payments quickly and efficiently.
Do all banks support Faster Payments?
Most UK banks and building societies support FPS. Payments can only be made using Faster Payments if both the sending and receiving banks are part of the scheme.
Can PayCheck manage FPS on my behalf?
Yes, PayCheck integrates Faster Payments into your payroll process, ensuring accurate, secure, and timely payments to employees.
Is FPS suitable for large payroll runs?
FPS can be used for large payrolls, provided transactions stay within bank limits. For high‑volume payroll runs, FPS is often used alongside BACS for flexibility.
What happens if a Faster Payment fails?
If a payment fails, it is typically returned quickly. Our team will identify the issue and resolve it promptly to ensure the payment is completed.
Do Faster Payments work on weekends?
Yes! Faster Payments are available 24/7, 365 days a year, every day of the year, including weekends, bank holidays, and Christmas Day.
Are there any disadvantages to using Faster Payments?
One limitation of Faster Payments is that once a payment has been sent, it cannot be cancelled even if it is sent to the wrong account.
However, safeguards are in place to reduce this risk. If any bank details are incorrect, the payment will not be processed, and you will be notified so the details can be corrected before proceeding.
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