First Tuesday of every month
Faster Payments made simple
Finding the balance between speed and security is paramount to the money solutions of today. Through key agency banking relationships we are able to extend payment account services to our partners. This enables our partners to automate payments utilising UK and SEPA based Faster Payments and Direct Debit arrangements.
As a registered E-money institution regulated by the Gibraltar Financial Services Commission, TPL is able to support agency banking and to meet regulatory compliance for both UK and SEPA Faster payments.
Why Faster Payments?
Faster Payments is the UK’s real time payment system, which enables both businesses and individuals to move money quickly and safely 24 hours a day and seven days a week. The Faster Payments scheme is world-renowned as one of the most reliable and advanced automated clearing houses, enabling transactions of up to £250,000 to be made in a matter of seconds.
The Faster Payments system may be used for single immediate payments, forward-dated payments, standing orders and direct corporate access payments.
While the number of direct “clearing” members of the Faster Payments Scheme are limited, the agency banking model enables TPL to facilitate the same services for our customers. As an Indirect Agency we are able to send and receive funds via our Directly Connected Settling Partner, which performs Bank of England settlements on our behalf.
Through similar partnerships we are also able to facilitate fast, automated payments across Europe via SEPA.