UK Faster Payments
Faster and cheaper payments are coming to the UK in 2008, with the advent of the new (and aptly-named) UK Faster Payments Service (FPS), a regulatory-driven initiative to improve payments for consumers and business
With near real-time performance – under 2 hours – the new system will provide same-day payments of up to £10,000 at a fraction of the cost of CHAPS. It will be available through Bacstel-IP solutions and enables urgent payments to be processed, economically, without the traditional 3-day lead time.
Available through banks at some point in 2008, UK Faster Payments will be available for corporate direct access after that. Dates are yet to be confirmed
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
