The UK Faster Payments Service (FPS) has processed £24.9bn of
transactions in
its first six months. The next half year will see a huge surge
in take up as it gains trust.
The Faster Payments Service offers people the
ability to make
internet banking and telephone transfers between banks in near
real-time by helping clear payments in hours rather than the
three days needed for Bacs payments.
VocaLink, which built and runs the Faster Payments
Servicetechnology platform, said it can process 717 transactions
every second. "Since the launch date we have processed 59.7 million
faster payment transactions with a value of £24.9bn," said
VocaLink.
Two thirds of all phone and internet payments are now processed
through the Faster Payments Service, according to UK payments
associationApacs.
Since its launch at the end of May the service has been rolled
out in stages. FPS was available for telephone and internet
payments at the end of May and for standing orders from 6 June.
Gareth Lodge, analyst at TowerGroup, said the introduction of
the Faster Payments Service was very challenging because VocaLink
did not have long to do it.
"Considering the timescale set by the regulators and the size
and complexity of the project I think it has gone well. "He said
any project that involves payments cannot afford to have technical
problems because it is "built on trust."
"If there were any problems the whole service would be called
into doubt," added Lodge. "The next six months should see a huge
increase in volumes and value because, [now that it is trusted],
people will start using the system in anger."
Apacs said, "The launch of the Faster Payments Service went
extremely well the rollout of the system went smoothly and take-up
has been high."
Shaun Willcocks, senior manager at PWC, said banks have prepared
systems to cope with an increase in volumes. "As people become more
aware of the system volumes are likely to increase."
The Faster Payments Service was the result of an agreement in
December 2005 between the Office of Fair Trading and 13 UK
banks.