SwissBorg App version: 1.8.0 and newer.
A Faster Payment is a type of electronic transfer, designed to speed up the process of sending money within the UK.
Normally, a Faster Payment deposit arrives within minutes, although sometimes it can take up to two hours.
If there is confusion over the identity of the sender, the banks will need to perform extra security checks, which may delay payment further.
As the Faster Payments are associated with the SwissBorg accounts with the help of the personal account numbers, the reference number is not required.
Faster Payments can be made and received 24 hours a day, including weekends and bank holidays.
Disclaimer: Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account.
It may also take longer for the first transfer to be processed.