A2 Electronic Transfers
Electronic transfers are any payments that do not involve physical transaction. They include payments made by telephone banking, mobile banking and card payments.
Direct Debits
A direct debit is an agreement to allow your bank to make regular payments directly to a business to pay your bills.
Standing Orders
A standing order is an agreement to allow your bank to make regular payments directly to a business but it is the same amount each time.
Mobile Banking
Mobile banking is the ability to access banking services using apps on your phone. You can use apps to arrange payments to individuals or businesses.
BACS
BACS (Bank Automated Clearing System) is a network of banks that participate in making payments between accounts. Payments are usually made within 3 days.
FPS
FPS (Faster Payments Service) is an electronic transfer that can take as little as two hours for payments to reach another account. You have to use this service with your bank to make payments to another account that uses FPS.
CHAPS
CHAPS (Clearing House Automated Payment System) that can transfer money between accounts of a small group of institutions in the UK. This is used to transfer large amounts of money and the transaction fees are high.
