UK Faster Payments
Faster and cheaper payments are now available in the UK, with the advent of the new (and aptly-named) UK Faster Payments Service (FPS), a regulatory-driven initiative to improve payments for consumers and businesses.
With near real-time performance – under 2 hours – the new system provides same-day payments of up to £10,000 at a fraction of the cost of CHAPS. Already available to consumers, it will also be available for Direct Corporate Access in 2009 and will enable urgent payments to be processed, economically, without the traditional 3-day lead time.
Faster Payment instructions may be communicated to Bacs through existing bank, Bacstel-IP and Bacs Bureau channels.
Bottomline will enable customers to take advantage of the new payment type either through their existing products or through new services.
To download the Faster Payments factsheet please complete the simple form
HERE
