Press Releases

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
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