Difference between revisions of "Faster Payments"

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'''Faster Payments''' is a common payment method on Bisq in the GBP market.  
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'''Faster Payments System (UK)''' is a payment method added used in Bisq for buying and selling BTC for British Pounds (GBP).  
  
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__TOC__
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Faster Payments is the most common way people in the UK send and receive payment to each other via their banks.
  
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== Creating the account in Bisq ==
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Faster Payments usually instant, but can take up to 24 hours depending on the senders or receivers your bank.
  
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Until recently, Faster Payments transfers only required an account number and sort code. Some banks also ask for a recipient name, but this was never checked and so Bisq traders were advised to use a dummy name.
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== Where can I find out more about Faster Payments? ==
  
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However, many banks have now started verifying the full name of the receiver, to meet the new [http://www.fasterpayments.org.uk/press-release/new-name-check-safeguard-payments-revealed-october-2018 Confirmation of Payee] requirements of UK regulators. The new checks were supposed to be in place by July 2019<sup>1</sup> but major UK banks have delayed rolling then out until early-to-mid 2020.<sup>2,</sup><sup>3,</sup><sup>4</sup>
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Here is a list of Faster Payments resources:
  
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According to the Confirmation of Payee guidelines and major bank FAQs, the name check is meant to be advisory, and the sender still has the option to ignore it (at their own risk) from within their banking app in case of a mismatch.  
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* [https://en.wikipedia.org/wiki/Faster_Payments Faster Payments Wikipedia Page]
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* [https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/ Pay.UK Faster Payments operator]
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* [https://www.sortcodes.co.uk/ Sort Code Checker]
  
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However, to avoid future problems, '''Faster Payments accounts created in Bisq after the 1.3.2 release require the account owner's full name, in addition to the bank account number and sort code'''.
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== What countries are available for Faster Payments? ==
  
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The sort code you use for your Faster Payment account must be verifiable against Faster Payments [https://www.fasterpayments.org.uk/sort-code-checker official Sort Code Checker]
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Faster Payments is available to users with a UK Bank or payment provider account.
  
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== References ==
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== What currencies are available for Faster Payments? ==
  
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<sup>1</sup> https://www.thisismoney.co.uk/money/beatthescammers/article-6704155/Confirmation-Payee-help-prevent-bank-account-fraud-delayed.html<br>
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Faster Payments allows peer to peer payments of:
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<sup>2</sup> https://www.hsbc.co.uk/help/confirmation-of-payee/<br>
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<sup>3</sup> https://www.halifax.co.uk/bankaccounts/help-guidance/online-banking-help/confirmation-of-payee/<br>
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* British Pounds (GBP)
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<sup>4</sup> https://www.barclays.co.uk/help/confirmation-of-payee/what-confirmation-of-payee-is/<br>
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== What is the maximum trading duration for Faster Payments? ==
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The maximum trade time is 1 day. Generally Faster Payments will be completed within 5 minutes.
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 +
== What is the maximum BTC limit for an Faster Payments trade? ==
 +
 
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0.125 BTC.
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 +
== Is Faster Payments a payment method that can be signed? ==
 +
 
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No, Faster Payments accounts do not require signing to lift limits.
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== How do I set up a Faster Payments account? ==
 +
 
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Faster Payments are supported by all UK banks and some payment providers eg TransferWise.
 +
 
 +
== How do I add Faster Payments account as a payment method in Bisq? ==
 +
 
 +
It is easy to add your Faster Payments account to Bisq.
 +
 
 +
# Go to the top menu in Bisq and select Account.  
 +
# Then select National Currency Accounts.  
 +
# Click add new account
 +
# Select Faster Payments
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# Complete the details
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# Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: Faster Payments - GBP - John Smith)
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# Click save new account
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 +
Make sure all the details are correct when you add.
 +
 
 +
Make sure to include both your Name as shown by the bank when you send payment (eg John Smith, or J Smith), your sort code and account number.
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 +
{{Admonition_Warn|Faster Payments on Bisq does not require you bank to match the Faster Payment 'name check' service. Most UK banks are opted in to the name check service but not all are. It is fine to send payment to the account shown in the Bisq contract even if their name does not show on the name check. However this does not mean BTC sellers can make up any name. BTC seller MUST ensure the details they enter match the name of their account shown in their bank.}}
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== How do I buy BTC with my Faster Payments account? ==
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You can buy BTC with Faster Payments on Bisq in 2 waysː
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# Make an offer to buy BTC on the GBP market.
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# Take an offer to buy BTC on the GBP market.
 +
 
 +
When the offer is confirmed Bisq will provide you with the BTC Sellers Faster Payments details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.
 +
 
 +
If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account.
 +
 
 +
Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet.
 +
 
 +
{{Admonition_Warn|Please send payment only to the details provided by the BTC Seller in their Bisq account. Please leave the payment description blank.}}
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 +
== How do I sell BTC with my Faster Payments account? ==
 +
 
 +
You can sell BTC with Faster Payments on Bisq in 2 waysː
 +
 
 +
# Make an offer to sell BTC on the GBP market.
 +
# Take an offer to sell BTC on the GBP market.
 +
 
 +
When the offer is confirmed Bisq will provide with the BTC Buyer with your Faster Payments details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'.
 +
 
 +
Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back.
 +
 
 +
{{Admonition_Warn|BTC Sellers should expect to receive payment from the name shown in the BTC Buyer's Bisq account. Not all banks will show the sort code and account number the payment came from but the name must match.}}
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 +
== Are there any limits for me to be aware of when using my Faster Payments account? ==
 +
 
 +
Limits are set by your bank. Check with your bank what the limits allowed are. Most limits will be at least £20,000 per day. There is no minimum limit.
 +
 
 +
== Are there any fees for me to be aware of when using my Faster Payments account? ==
 +
 
 +
It is free to send and receive payments.
 +
 
 +
== How does dispute resolution when trading with Faster Payments? ==
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If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame.
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 +
The mediator may ask the seller to send them information to prove their account details are correct, or in the case of the BTC Buyer making a payment late, or of the wrong amount.
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For more information see [[dispute resolution]].

Latest revision as of 03:06, 29 October 2024

Faster Payments System (UK) is a payment method added used in Bisq for buying and selling BTC for British Pounds (GBP).

Faster Payments is the most common way people in the UK send and receive payment to each other via their banks.

Faster Payments usually instant, but can take up to 24 hours depending on the senders or receivers your bank.

Where can I find out more about Faster Payments?

Here is a list of Faster Payments resources:

What countries are available for Faster Payments?

Faster Payments is available to users with a UK Bank or payment provider account.

What currencies are available for Faster Payments?

Faster Payments allows peer to peer payments of:

  • British Pounds (GBP)

What is the maximum trading duration for Faster Payments?

The maximum trade time is 1 day. Generally Faster Payments will be completed within 5 minutes.

What is the maximum BTC limit for an Faster Payments trade?

0.125 BTC.

Is Faster Payments a payment method that can be signed?

No, Faster Payments accounts do not require signing to lift limits.

How do I set up a Faster Payments account?

Faster Payments are supported by all UK banks and some payment providers eg TransferWise.

How do I add Faster Payments account as a payment method in Bisq?

It is easy to add your Faster Payments account to Bisq.

  1. Go to the top menu in Bisq and select Account.
  2. Then select National Currency Accounts.
  3. Click add new account
  4. Select Faster Payments
  5. Complete the details
  6. Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: Faster Payments - GBP - John Smith)
  7. Click save new account

Make sure all the details are correct when you add.

Make sure to include both your Name as shown by the bank when you send payment (eg John Smith, or J Smith), your sort code and account number.

Warn
 Faster Payments on Bisq does not require you bank to match the Faster Payment 'name check' service. Most UK banks are opted in to the name check service but not all are. It is fine to send payment to the account shown in the Bisq contract even if their name does not show on the name check. However this does not mean BTC sellers can make up any name. BTC seller MUST ensure the details they enter match the name of their account shown in their bank.

How do I buy BTC with my Faster Payments account?

You can buy BTC with Faster Payments on Bisq in 2 waysː

  1. Make an offer to buy BTC on the GBP market.
  2. Take an offer to buy BTC on the GBP market.

When the offer is confirmed Bisq will provide you with the BTC Sellers Faster Payments details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.

If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account.

Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet.

Warn
 Please send payment only to the details provided by the BTC Seller in their Bisq account. Please leave the payment description blank.

How do I sell BTC with my Faster Payments account?

You can sell BTC with Faster Payments on Bisq in 2 waysː

  1. Make an offer to sell BTC on the GBP market.
  2. Take an offer to sell BTC on the GBP market.

When the offer is confirmed Bisq will provide with the BTC Buyer with your Faster Payments details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'.

Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back.

Warn
 BTC Sellers should expect to receive payment from the name shown in the BTC Buyer's Bisq account. Not all banks will show the sort code and account number the payment came from but the name must match.

Are there any limits for me to be aware of when using my Faster Payments account?

Limits are set by your bank. Check with your bank what the limits allowed are. Most limits will be at least £20,000 per day. There is no minimum limit.

Are there any fees for me to be aware of when using my Faster Payments account?

It is free to send and receive payments.

How does dispute resolution when trading with Faster Payments?

If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame.

The mediator may ask the seller to send them information to prove their account details are correct, or in the case of the BTC Buyer making a payment late, or of the wrong amount.

For more information see dispute resolution.

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