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Faster Payments Scheme Limited (FPSL) is the company that enables Mobile, internet, telephone 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 eight years of operation, over six billion Faster Payments have been sent and, in August 2016, Faster Payments broke the 120 million payment barrier for the first time since its launch. Virtually all internet and telephone banking payments in the UK are now processed via Faster Payments.
Twelve banks and building societies are Participants of the scheme, and over 400 other financial institutions are able to offer the service, making Faster Payments available to more than 52 million current account holders in the UK.
We believe that the world-leading service we offer should be available to as many customers as possible.
To ensure that Faster Payments is available on a level playing field to all end users that need or want them, the Scheme has been working to understand the access challenges faced by current and emerging Payment Service Providers (PSPs) of all shapes and sizes.
To meet these needs, a New Access Model is currently in development to sit alongside the four current options for PSPs to access Faster Payments.
Faster Payments Scheme Limited is a not-for-profit company, owned and operated by its Participants. Participation in the scheme is open to any financial institution that is able to meet the necessary technical requirements.