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Faster Payments Service processing almost 250,000 payments each day

The Faster Payments Service (FPS) is processing almost 250,000 payments every day, according to the UK Payments Association, APACS.

The...

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."

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