What is Fast Pay?
Contis developed a solution called Fast Pay, based on the Faster Payments Services.
This functionality enables both client and consumers to transfer funds between accounts in real-time.
These transfers are GBP to GBP electronic payments that can be made from an enabled account to another account.
If the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 2 hours).
It is possible to send individual payments of up to £250,000 using the Faster Payments Service, however limits can be set depending on the type of account in your programme.
How does Fast Pay work?
Our Fast Pay solution allows customers to make quicker electronic payments and transfers.
Funds can be transferred and accessed almost immediately, or within a couple of hours at most, while standing orders can be set up in a single day.
Contis can process payments and transfers 24 hours a day, any day of the week including weekends and Bank Holidays.
Benefits of Fast Pay
- Recipients typically receive funds almost immediately, although the transfers can sometimes take up to two hours.
- Available 24/7. Check with the receiving bank to guarantee payments reception on weekends.
- Safer transfers as the Faster Payments network is only accessible to financial institutions that meet strict security requirements.
How to implement Fast Pay?
At Contis, Fast Pay is available on GBP programme.
For existing clients : Contact your Account Manager to have this facility and feature made available. Contis will need to set up the necessary configuration to allow Fast Pay programme.
For new clients : Get in touch with your Commercial Manager, Client Solutions contact or Project Manager to ask about Fast Pay.
Ways of sending funds with Fast Pay
- Enable individual consumers to send funds via your app and/or portal.
- Use a single company Fast Pay account to generate Faster Payments request to external banks.
- Via the Canvas API : Provides the ‘BankTransfer’ API method to be used to perform faster payment.
- Via Bulk File Processing : Prepare the pre-formatted file and upload via SFTP or using the method ‘UploadPaymentFile’.