2hour transfer of funds incoming and outgoing
£10k limit on singular transactions, £100k limit on Standing Orders
Not all Banks can send and receive yet, check the links for more information...
To quote that MSE Thread;
Which banks are involved?
Thirteen banks are involved in getting the new system off the ground, but they're not all equal. Some banks ONLY allow you to receive them for now. So, what you can do depends purely on which bank you are with.
* Send & Receive Banks: Barclays, Citi, Clydesdale Bank, HSBC, Lloyds TSB, Northern Bank, Natwest RBS and Yorkshire Bank
* Just Receive. Alliance & Leicester, Halifax Bank of Scotland, Nationwide, Northern Rock
Abbey and Co-operative Bank are also part of the cabal that have set up this scheme, but customers of these two cannot yet either send or receive payments