UK Schemes

Learn about what are UK schemes and how Devengo manages them

The Faster Payments Service (FPS) is an electronic payment system in the UK that allows funds between banks. It was launched in the United Kingdom in 2008 to reduce the time it usually takes to transfer funds between bank accounts from three working days to typically a few seconds (sometimes, depending on the bank of destination, it can take up to 2 hours).

This service joins the other two popular transfer methods in the UK: BACS and CHAPS.

  • BACS transfers (Bankers’ Automated Clearing Services), introduced in 1968, are typically used by individuals and small businesses.
  • CHAPS transfers (Clearing House Automated Payment System), introduced in 1984, is a same-day payment system for transferring large sums of money, usually by businesses and other organizations.

Characteristics of the schemes

Let’s see the main characteristics of the three schemes that will be useful to know:

BACSCHAPSFaster payments
Availability24/7Working days24/7
Max. execution time3 working daysSame day (if the payment is done before 5 pm.)Often seconds, (sometimes 2 hours, depending on the bank)
Max. limit for a transfer amount£20 millionNo limit£250,000
The minimum limit for a transfer amountNo specificMore than £10,000No specific
Limit of remittance characters18 characters140 characters140 characters
Feedback on the operation3 daysBetween 12/48 hours15 seconds
Errors informationLack of information about the causeLack of information about the causeSpecific causes, allowing for remediation

Faster Payments Adherence

Here you have the banks participants in the Faster Payment System:

  • Atom bank
  • Banking Circle
  • Barclays Bank plc
  • Barclays Bank UK plc
  • Cashplus Bank
  • Citibank NA
  • ClearBank®
  • Clydesdale Bank plc
  • CreDec
  • Ebury
  • Elavon
  • Equals Money
  • Goldman Sachs
  • ​HSBC Bank plc
  • HSBC UK Bank plc
  • iFast Global Bank Limited
  • JPMorgan Chase & Co
  • LHV
  • Lloyds Bank plc
  • Metro Bank
  • Mettle
  • Modulr
  • Monzo Bank Limited
  • Nationwide Building Society
  • NatWest
  • Northern Bank Limited t/a Danske Bank
  • PayrNet​​
  • PPS
  • Prepaid Financial Services
  • Revolut Limited
  • Santander
  • Square
  • Starling Bank
  • Tesco Bank
  • The Access Bank UK​​
  • The Bank of London
  • The Co-operative Bank
  • TSB
  • Turkish Bank UK
  • Virgin Money
  • Wise

How Devengo API uses UK schemes

With the purpose to deliver money as fast as possible, our API is designed to take advantage of the Faster Payments scheme wherever possible.

If some bank of destination is not a Faster Payment participant or the amount of the payment that you want to send is bigger than £100,000, our system will automatically send the money through BACS.