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Faster Payments aren't just for small transfers. The only limits are by individual banks, and they are normally in the thousands.
by ascorbic 10y ago
Faster Payments aren't just for small transfers. The only limits are by individual banks, and they are normally in the thousands.
- dx034 10y agoWhile that's true, they're still mostly used for rather small amounts. The payment volume is around 5% of all electronic payments [1]. Not saying that Faster Payments are not a good thing, but they would probably cause problems for banks if most money would be moved by it. It works well because the major source of cash management is done due to card payments, direct debits and Bacs. So the normal cash buffer a bank holds throughout the day is sufficient to do fast transactions. [1] http://www.paymentsuk.org.uk/sites/default/files/publication-free/UK%20Payment%20Markets%20Summary%202016%20-%20Free%20Download.pdf http://www.paymentsuk.org.uk/sites/default/files/publication...