What is the maximum payment value that can be processed via the FPS on the same-day basis?

The correct answer is that the maximum payment value that can be processed via the Faster Payments Service (FPS) on the same-day basis is £1,000,000. This limit is specific to the FPS to ensure that transactions can be processed quickly and securely while managing risk and operational capacity within the payment infrastructure.

The £1,000,000 cap allows for high-value transactions to be processed efficiently, while also safeguarding against potential fraud and operational issues that could arise with larger transactions. This limit is an essential aspect of the service, as it balances the need for rapid payment processing with the realities of financial risk management.

Understanding this limit is crucial for individuals and businesses that utilize the FPS for their payments, as it informs them of the maximum amount they can transfer on the same day without resorting to other payment methods, which may involve longer processing times or different limits.