Press Releases

25th February 2016

Faster Payments has responded to the Payment Systems Regulator’s (PSR) publication of their provisional findings of their market review into the ownership and competitiveness of the infrastructure that supports the payments systems: 

10th February 2016
  • £146m sent since Paym launched, with more money sent since July 2015 than in the whole of the previous year
26th January 2016
  • New industry procedures mean funds can be protected to help rightful owner
12th January 2016
  • Bank is first to declare intention to join during 2016
  • New joiner is key milestone for Faster Payments Access Programme
7th December 2015
  • Group gifts and seasonal shindigs organised, sorted and paid for by mums 
  • Young people more likely to view buying group gifts as ‘a tradition’
20th November 2015
  • Britons pay nearly £100 a month for football, book clubs and other activities but nearly two thirds (61%) of group organisers are left chasing payments
  • Football is the most popular group activity - Paym announces partnership with Lucozade Powerleague to help teammates split the bill 
10th November 2015
  • 24/7 real-time payments over £100,000 now possible for the first time 
  • Change meets demand from large corporate users of the service
  • Enhanced information on individual banks’ limits published on Faster Payments website from today
5th October 2015
  • Introduction of ‘pre-funding’ levels the playing field for Payment Service Providers of all sizes by eliminating shared risk
  • Change opens door to wider access and enhances integrity
  • Three challenger banks already on course to take advantage of pre-funding and join Faster Payments in 2016
11th August 2015
  • Second Paym statistical update reveals more than 1.25m payments  worth £70 million have been processed since launch
  • Petrol money, bills and IOUs are now more popular reasons to use the service, with more payments happening on weekdays 
22nd July 2015
  • 44% of customers have had to dash to a cash machine to get money to pay 
  • Sole traders chase an average of £208 at the end of the month, with 30% of them saying they stopped supplying a customer due to consistent late payment
  • Customers with no cash on them can now pay small businesses using just the small business’ mobile number