Faster Payments Reaches £25 Billion Fast!

Launched last May, after six months, FPS can process 717 transactions per second and is "fast" approaching 60 million total transactions...

Faster Payments reach GBP 25 billion in only six months

UK Faster Payments Service (FPS) has processed GBP 24.9 billion of transactions in its first six months. The Faster Payments Service enables electronic payments, typically made via the internet or phone, to be processed in hours rather than days.

Two thirds of all phone and internet payments are now processed through the FPS, announces UK payments association APACS. FPS can process 717 transactions per second, according to VocaLink, UK payments processor which supplies the central network for the FPS. Since it was launched in 27 May 2008, VocaLink has processed 59.7 million faster payment transactions.

The types of payments that can be made through FPS include single immediate payments, forward-dated payments and standing orders. At present, 13 banks and building societies are utilising the new service. FPS was developed in response to the Office of Fair Trading (OFT) calling for an alternative to the existing systems Bacs and CHAPS. FPS is a joint project between VocaLink, APACS and the UK banks. The financial institutions involved in delivering the system account for 97 percent of all payments made.

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