iBalance is one of the first Umbrella Companies to offer same-day payments into your bank account via the new APACS ‘Faster Payment’ service.
Details of the new banking service are detailed on the APACS website.
Although launched at the end of May 2008 not all banks are able to accept Faster Payments.
Contractors who registered after 19 August 2008 will receive their funds the same-day we receive payment from their agency as long as their bank accepts Faster Payments.
Where banks do not accept Faster Payments, we will make payment by BACS transfer, which takes 3 business days to clear.
Which banks do accept Faster Payments?
For up-to-date information on the banks that do accept Faster Payments click here.
Or you can check your branch if you know your sortcode.
Which banks are not currently accepting Faster Payments?
As far as we are aware, the following banks are not currently accepting Faster Payments:
- Norwich and Peterborough Building Society
- The Co-operative
We suggest that you contact your branch and ask for a target date when you will be able to receive Faster Payments. Alternatively, you could open an account with one of the banks that are operating Faster Payments.
If you have any further questions regarding Faster Payments please contact us.