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Faster Payments Scheme (UK)

Country: United Kingdom (GB)  |  Payment Rail: real_time_payment

RealTimePayment Market Adoption: 90%

Faster Payments Scheme is Pay.UK's 24/7/365 real-time interbank payment clearing infrastructure across the United Kingdom.

🔄 User Payment Flow

  1. Customer selects Faster Payments at checkout
  2. Customer uses UK mobile banking app to scan QR or initiate sort-code / account number transfer
  3. Payment completes in seconds across UK commercial banks
  4. Merchant receives instant payment confirmation callback

⚙️ Characteristics & Settlement

Instant PaymentYES
Supports QRYES
Supports RecurringNO
Supports RefundYES

🛠️ Merchant Integration Steps

  • Merchant API requests payment session token from acquiring gateway
  • PSP issues payment token and sort code / account number virtual payload
  • PSP receives Faster Payments real-time clearing webhook notification