Outstandingly fine method of punishment! (8)

I believe the answer is:

spanking

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This clue could be a double definition.

'outstandingly fine' is the first definition.
'spanking' can be an answer for 'fine' (thesaurus). I am unsure of the 'outstandingly' bit.

'method of punishment' is the second definition.
(corporal punishment)

Can you help me to learn more?

(Other definitions for spanking that I've seen before include "Lively" , "Physical punishment" , "making one smart" , "Fantastic" , "Very large" .)

I've seen this clue in The Times.

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