From this week, the Faster Payments Scheme is raising the maximum value threshold for internet and phone payments from £10k to £100k.
Putting this facility in place will help banks increase their capability to offer the service to customers. This change reflects demand from some corporate customers, and it is most likely that they will benefit first over the coming months. The threshold for standing orders remains unchanged at £100k.
Although this change came into effect on Monday 6th September, individual banks and building societies will continue to set their own value limits for their corporate and consumer customers. Customers wanting to check their own bank or building society limits should either speak to their bank or chapsco.co.uk/faster_payments/-/page/fpslimits/
The new system was launched in May 2008 to speed up internet and phone payments, making it possible to transfer money every day of the week, 24 hours a day, usually immediately.