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What is the Faster Payments Service?

April 26, 2017faster PAYMENTS service

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What is the Faster Payments Service?

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The Faster Payments Service is a banking industry initiative to speed up electronic payments in the UK. All of the UK’s major financial institutions are taking part. Together they account for more than 97% of all electronic payments in the UK.

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The Faster Payments Service is a banking industry initiative to speed up electronic payments in the UK.

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The Faster Payments Service (FPS) is a new electronic Sterling payments system. Many of the electronic payments within the scheme limit will arrive at the recipient bank on the same day, as long as they are participating in the scheme. You can make payments through Online Banking, Telephone Banking, branches or self-service Kiosks.