What is the Faster Payment Service (FPS)?
FPS is a new UK clearing system that is available between member banks and covers the following types of payment; immediate payments, forward dated payments, standing orders. Payments will, in normal circumstances, reach the beneficiary’s account and be available for drawing within 2 hours. The system will be available 24 hours a day, 365 days a year to make payments. Standing orders will only be made on working days.
