faster payments has successfully tested payments in the tens of millions of pounds

In an announcement from Faster Payments, it was announced a ‘Live Proving’ exercise was carried out to test the ability for all existing Participants to receive a payment of a significantly higher value than the current £250,000 limit.

First multi-million pound Faster Payments

The exercise was successfully completed on Tuesday 11th July 2017, with all 16 Participants receiving (and in a number of cases sending) a Faster Payment for a payment in the tens of millions of pounds – which far exceeds the existing limit. Successful completion of the exercise means that increasing the Scheme Transaction Limit is now feasible and Participants are working with Faster Payments to determine the next steps.

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The Scheme will now enter a consultation period with stakeholders during the second half of 2017 to determine any potential increase to the Scheme Transaction Limit, taking views on the appropriate level and how it might be used.