Tesco Bank now member of the Faster Payments Scheme

Tuesday 26 October 2021 13:04 CET | News

UK-based Tesco Bank has announced its customers can now send and receive payments in real-time, around the clock, after becoming a direct member of the Faster Payments Scheme.

By joining the scheme (which is run by Pay.UK), Tesco Bank customers will use a secure payment process that helps them to transfer money, pay a bill, or make a credit card repayment almost instantaneously, as the press release says.

This follows the launch of Tesco Bank’s Pay by Bank service in September 2020. Both Faster Payments and Pay by Bank are now built into Tesco Clubcard Pay+ - a market that gives shoppers an alternative way to pay, save and pick up Clubcard points. The introduction of Faster Payments means that customers can top up their Tesco Clubcard Pay+ account and see their funds appear straight away.

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Keywords: real-time payments, instant payments, online security, product upgrade
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
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Banking & Fintech

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