We’re pleased to let our customers know that our Faster Payments transaction limit has increased from £250,000 to £1 million for inbound and outbound payments, in line with the retail payments authority, Pay.UK, which went into effect on 8 Feb 2022.
This increase in transaction limit reflects demand from corporate customers and helps to broaden the appeal of the Faster Payments Scheme.
We already enable our clients to facilitate Faster Payments in seconds, and to a Service Level Agreement of 90 seconds. Businesses can receive and make payments almost instantly, rather than having to wait for old-school batch-based Bacs or CHAPS payments. This increase means that our clients and their customers can now move more money, faster.
We also provide our clients with an award-winning reliable service to Faster Payments, with an API uptime of 99%+ for the entirety of last year. As one of few directly connected participants of Faster Payments (along with Bacs) we’re able to offer the same independent and reliable access to the scheme as directly connected incumbents.
“The fact that we can now enable Faster Payments of up to £1 million as default helps us to better support our clients as they continue to innovate and provide new offerings to their customers. Thanks to this increase, our clients are well-positioned to meet their users’ needs and it reaffirms the Faster Payments scheme’s status as a first-class asset to the UK economy,” says Altay Ural, Chief Product and Technology Officer at Modulr.