3 docs tagged with "faster payments"

Credit Payment Recovery (CPR) is an industry procedure to bring consistency in the recovery method for Faster Payments (FPS) and settled Bacs payments (the Bacs recall pre-settlement process remains unchanged).

Whilst Griffin does not currently accept payments from overseas, it is possible for payments that have originated overseas to credit Griffin via the Faster Payment infrastructure. In such a scenario, the payment has been sent from overseas to a UK participant of Faster Payments before being sent onwards to Griffin as a Faster Payment. However, this is still considered a single payment, with the debtor bank being the overseas bank, and the creditor bank being Griffin.

Given the large volumes of payments that flow each day it is natural that errors occur. See below for various scenarios and how you should manage them.