The unpaid cheques system changed in Dec 2007 and regulates how quickly you an get value for a cheque paid into your account. it also ensures that if a cheque has not been debited to your account by Day 6 then you can assume it’s been paid and is fully cleared.

Faster Payments is a more gradual launch across banks for a new electronic payment system for UK bank to bank payments. Money will arrive same day if sent this way, and probably within a couple of hours max, maybe even seconds or minutes.

Banks are running their own timetables for when this takes effect. You’ll need to ask your own bank when it kicks in for you to send or receive them. And of course it will depend on the payers bank too. But it should mean quicker payments for many. And cleaed funds when the money arrives.