Press Releases

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
11th May 2015
  • Six FinTech vendors sign letters of commitment to develop new technical access solutions
  • More than 30 PSPs engaged with Faster Payments Access Programme
  • Joint report with Accenture sets out economic analysis validating benefits of New Access Model for vendors, PSPs and end-users  
29th April 2015
  • Paym celebrates its first anniversary; nearly £44m sent in the last 12 months
  • Mobile payment adopters four times more likely to be happy sharing money with friends and family
  • Nationwide Building Society set to join service in May
8th December 2014
  • Plans aim to create a level playing field for any firm that wants to offer world-leading real time payments to their customers
  • New Access Model seeks to catalyse market amongst technology vendors to offer access to Payment Service Providers 
21st July 2014
  • Tanya Castell appointed as third Independent Director 
  • Updated CPSS-IOSCO disclosure statement published on website
2nd April 2014
  • Registration for Paym starts from today
  • UK IOUs worth £12.6bn a year – Paym will make it easier for friends and family to pay each other back
10th March 2014
  • Final testing for the service is on track – launch date will be announced in April
  • Nine bank and building society brands will offer the service from launch
  • Paym has the potential to link every UK current account with a mobile number
12th December 2013
  • Publication of CPSS-IOSCO statement and re-launched website increase transparency and prime service for growth in membership
  • Governance strengthened by first Independent Director appointments
25th May 2013
  • Monday 27 May is the fifth anniversary of the first Faster Payment
  • New research reveals millions of people have become midnight bankers
  • More than £50,000 transferred for every UK household since 2008 launch