Faster Payments
UK Instant Transfer Scheme
Faster Payments is the UK's real-time bank transfer scheme — Bitwage's primary GBP rail since 2016.
Faster Payments Key Facts
UK Rail · Bitwage
Faster Payments Technical Specifications
How Bitwage Uses Faster Payments
Faster Payments is Bitwage's exclusive rail for GBP payments to UK-based contractors and vendors. When a client pays a UK contractor, Bitwage converts USD to GBP at the locked FX rate and submits via Faster Payments using the contractor's sort code and account number. The contractor's bank account is credited within 15 seconds — 24/7, including bank holidays.
Faster Payments is deeply embedded in UK financial infrastructure. Every UK high street bank, challenger bank (Monzo, Revolut, Starling), and most fintechs receive Faster Payments. Setup is simple: sort code (6 digits) and account number (8 digits), both visible on any UK bank statement or banking app.
For UK-based Bitwage clients (companies with GBP bank accounts), payments can originate in GBP and skip the FX conversion entirely. For US clients, Bitwage handles USD-to-GBP conversion at Bitwage's locked rate before submitting via Faster Payments.
Faster Payments vs SWIFT
SWIFT wires to UK banks cost $35–$50 and take 1–3 days. Faster Payments delivers GBP to any UK bank account in 15 seconds at no interbank fee. Post-Brexit, UK is no longer in SEPA, making Faster Payments the correct rail for GBP payments. CHAPS (same-day high-value) is available for payments requiring bank-of-England settlement finality, but for contractor payments, Faster Payments is appropriate.
Full stablecoin vs SWIFT comparisonFaster Payments FAQ
Common questions about UK Instant Transfer Scheme and how Bitwage uses it.
A UK sort code (6-digit, format xx-xx-xx) and account number (8-digit). Both are on any UK bank statement or banking app. Contractors provide these during Bitwage onboarding for faster payments setup.
faster payments for all contractor payments — it's instant, 24/7, and has no limit up to £1M. CHAPS (RTGS, business-hours only) is reserved for very large institutional payments requiring Bank of England settlement finality.
Yes. Bitwage converts USD to GBP at the locked rate and routes via Faster Payments. The contractor's bank sees a standard inbound Faster Payments credit — there's no indication it originated from a US company.
Pay via Faster Payments — Automatically
Bitwage routes payments through Faster Paymentswhen it's the optimal rail for your recipients. No configuration required.