Faster Payments Service

Faster Payments is the first new payments service to be introduced in the UK for more than 20 years. It has enabled, for the very first time, phone, internet and standing order payments to move within a few hours - almost at the touch of a button.

13 banks and building societies were founding members of the new service, and other financial institutions are able to join, either as members, or to access the system through agency arrangements with a member - just as they do with other payment systems.

The infrastructure was launched on 27th May 2008. Since this date, the founding member banks have gradually been implementing their own plans to deliver the new service to their customers. By the end of 2008 around two-thirds of phone and internet payments were processed through Faster Payments. A phased rollout was adopted to help ensure that the service was launched smoothly, securely and with total reliability for customers. The new service runs alongside existing payment schemes in the UK such as Bacs and CHAPS.

The development of the Faster Payments Service was a massive and complex project involving significant investment. It has revolutionised the UK’s automated payments infrastructure and will be comparable to the best in the world.

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