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Does the Faster Payments Service replace BACS?

No.

Both clearing schemes will operate alongside each other. If a payment is within the Faster Payments Scheme Limit (see How Much Money Can be Sent via Faster Payments?) and can be sent via a participating member banks [see How Will I Know whether another bank is a member of the Faster Payments Service?] the Faster Payments Services systems will automatically send it that way.

If not, then it will be sent via Bacs and the clearing times will be as they are today, e.g. a minimum of 3 working days.  There is no additional action that you need to take.

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