The Faster Payments Service (FPS) is processing almost 250,000
payments every day, according to the UK Payments Association,
APACS.
The FPS, which has been running for almost 3 months, processed
over 4 million payments in the first two months following its
launch. This far outstrips uptake for CHAPS, the UK's other
same-day payments system launched in February 1984, which processed
96,000 payments in the same period of time after its launch.
FPS offers people the ability to make internet banking and
telephone transfers between banks in near real-time.
The system is the result of a December 2005 agreement between
the Office of Fair Trading and 13 UK banks.
Banks have been investing in technology that enables them to
support FPS and manage an
inevitable increase in attempted fraud.
Towergroup analyst Gareth Lodge said whenever you make a change
fraudsters will find loop holes or ways of exploiting it, but he
said that
"
banks are investing in fraud management solutions. The benefits
of the service definitely outweigh the risks."
APACS spokeswoman Michelle Mayer said, "The success of FPS can
be linked to a change in online habits, with more people using
internet banking. Security is always a paramount concern as with
every other payment service, which is why banks have the right to
delay payments that appear suspect."