Enhancing electronic payments in the UK
Faster Payments was the first new payments service to be introduced in the UK for more than 20 years. It enables, for the very first time, phone, internet and standing order payments to move fast and securely, almost at the touch of a button.
There are 10 current banks and building societies who are members of the scheme. Other financial institutions are able to join, either as direct members, or to access the system through agency arrangements with a member - just as they do with other payment systems.
The service and infrastructure was launched on 27th May 2008. By the end of 2011 over 85% of phone and internet payments were being processed through Faster Payments.
The development of the Faster Payments Service was a massive and complex project involving significant investment. It has revolutionised the UK’s automated payments infrastructure and places this service in the world-beating category.