UK FPS
UK Faster Payments (FPS) are used to move funds in near real time within the United Kingdom. All transfers must be in GBP.
For NetSuite users, the Entity Bank Details bundle is required to process UK FPS payments through the plugin.
Key Terms
Below are some key terms to help you navigate the instructions and setup for UK FPS payments more easily.
Term | Definition |
|---|---|
Sort Code | This is a 6-digit numeric code used as a unique identifier for financial institutions. This code is used for banks within the United Kingdom and Ireland. |
Account number | This is an 8-digit numeric code for the specific bank account |
Vendor & Bill Requirements
To prevent payment delays or returns, all payments are required to have the following three requirements:
Vendor Record
The Entity's full name and address must be accurately populated on the Vendor record.
Billing Address and Location
The Billing Address under the Entity and the Bill (if applicable) must be located in the country of destination and must match the country specified in the Entity Bank Details record.
Address Structure
Addresses must be provided in a structured format and must always include the Town Name, Country Sub-Division (County), and Country
Payment Requirements
Payment Context
- Country Code: GB
- Method: Domestic
- Country: United Kingdom
- Currency: GBP
Requirement Information
Provide a Sort Code
Provide a domestic Account Number