3 ms·

Typically ~seconds in the UK with Faster Payments (which is generally up to £10,000)

• jackgavigan 10y ago
  Technically, Faster Payments can handle payments of up to £250,000 (and there are plans to raise that to £1m) but the individual banks place their own limits on the maximum amount they'll accept: http://www.fasterpayments.org.uk/about-us/transaction-limits http://www.fasterpayments.org.uk/about-us/transaction-limits
• al_chemist 10y ago
  > Faster Payments Scheme Limited (FPSL) is (private) company It's like saying that banks allow you to send money instantly, because you can just give cash to your friend by hand.
  • oarsinsync 10y ago
    Except it's not, as I'm just initiating a normal online payment through my online banking, and the recipient receives it (usually) close to instantly. Giving cash to a friend still requires me to withdraw the cash from an ATM, pass it to the friend, who then needs to deposit it using a deposit ATM or visit his branch. One involves a few clicks on your online banking website, the other requires a much longer process. The backend company isn't really relevant, what is relevant is that 'Faster Payments' has been used as a marketing term for 'near instant bank transfers' that transparently use FPSL as a backend. Not at all equivalent.
• atemerev 10y ago
  This is exactly an equivalent of Lightning network for bank transfers.