Faster Payments

From the end of May 2008, the UK banking industry will launch a new payments service
called the Faster Payments Service and Clydesdale Bank will join as one of the founder members. This is a brand new service that allows much quicker telephone, internet and standing order payments between banks.

Clydesdale Bank will start to introduce this new service from the end of May and when the service is fully implemented, you will be able to transfer and receive money in a matter of hours rather than the 3 to 5 days it can currently take. And best of all, you don’t need to sign up or do anything different.

In the future, most payments will be automatically processed through this faster service although initially this will depend on whether the receiving bank offers the service or not.

Receive and Send payments Faster

To begin with Clydesdale Bank customers will only be able to receive Faster Payments, but in the future, will be able to send many payments faster - using Telephone and Internet Banking and standing orders. Details of further changes being made to our payments system – will be provided in statements, on this webpage, in Branch or in Financial Solutions Centre.

Increased flexibility and convenience

This service will be particularly useful to both personal and business customers since payments will get there much quicker than they do today. And businesses will be able to send and receive money more quickly from customers and suppliers, even outside of office hours.

Benefits to look forward to

• Make payments much faster than the current 3 days it usually takes using BACS*.
• Telephone and Internet payments processed in hours, not days.
• Payments via Internet and Telephone Banking can be made and received 24/7.

We do it all for you

No action is required by you to enjoy the benefits that the Faster Payments Service will bring. You will make your payment the same way as you usually do, and we will process it through the fastest option available.

This page will be updated with more information about Faster Payments as we rollout the service.

*BACS is the Bankers Automated Clearing Service.