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 Q9] and can be sent through the Faster Payments service, Barclays will automatically send it that way. If not, it will be sent via BACS and the clearing times will be as they are today, eg a minimum of 3 working days. There is no additional action that you need to take.
