A UK payment system operated by Pay.UK for sterling payments, subject to scheme and participant arrangements.
Why the distinction matters
The published system transaction ceiling is £1 million, but providers can set lower limits. Check the actual account, user mandate and submission channel. Scheme capability and the service available to one customer are different layers.
In the working file
Illustrative example
A transfer is below the scheme ceiling but above the account’s configured limit. The team uses the provider’s authorised process rather than assuming the scheme limit overrides it.
Use the term in context
Record the legal entity, activity, period and applicable source alongside the term. A familiar label does not remove the need to establish scope. Our operating playbook connects this definition to a practical process.
Read the related playbookSources & scope
Primary sources used for this research edition. Document dates and commencement dates are different fields. Recheck the issuing authority before acting.
- Pay.UK: Faster Payment System transaction limitsScheme information · source reviewed 12 November 2026
- Pay.UK: Types of Faster Payment transactionsScheme information · source reviewed 12 November 2026