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Faster Payments is the company that enables phone, internet and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day. At its launch in 2008, Faster Payments was the first new payments service to be introduced in the UK for more than 20 years.
In the first five and a half years of operation, over 3 billion Faster Payments have been sent. Virtually all internet and telephone banking payments in the UK are now processed via Faster Payments. Looking forward this revolutionary, world-beating service is well positioned to meet the future needs of the UK through support for the new industry-wide Mobile Payments Service being launched in spring 2014.
Ten banks and building societies are members of the scheme, and over 300 other financial institutions are able to offer the service to their customers through agency arrangements with a member. These institutions are also able to join the service as a direct member should they wish.
Faster Payments Scheme Limited is a not-for-profit company, owned and operated by its members. Membership of the scheme is open to any financial institution that is able to meet the necessary technical requirements.