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Faster Payments limit increased

Published on Wednesday, August 18, 2010

CHAPS Co have announced that the Faster Payments Scheme limit for single immediate payments, forward dated payments and DCA (Direct Corporate Access) bulk payments will increase from £10,000 to £100,000 as of 6th September 2010.

It is thought that this increased threshold will generate fresh interest in the scheme, particularly from corporates, and reinforce what is already a strong argument for adopting Faster Payments.

The only caveat that comes with this news is how quickly the banks will move to mirror the limit change in their own product offerings. Within corporate banking, the bulk Faster Payments DCA service is only currently offered by one bank - and it is expected that this institution will implement the change immediately. However, in consumer banking, the high street banks providing access to Faster Payments will likely take a staggered and varied approach.