Faster Payments System processes £200m of payments in three days


Faster Payments System processes £200m of payments in three days

Karl Flinders

The Faster Payments System (FPS) introduced this week has processed a transaction every second in three days.

The Association of Payment and Clearing Services (Apacs) said between just after midnight on Tuesday 27 May and 12.45pm 30 May, 318,405 faster payments were processed with a total value more than £200m. "This equates to around 90,000 payments a day, 3,750 payments an hour, one every second, with an average value of over £625 per payment," said Apacs.

The system offers people the ability to make internet banking and telephone transfers between banks in near real-time.

FPS was the result of an agreement in December 2005 between the Office of Fair Trading and 13 UK banks.

Banks have been investing in technology to enable them to support FPS and to ensure they block increases in attempted fraud.

"UK consumers have been craving faster transaction times for a number of years now, but delivering on this is no small challenge for banks," said Mark Dunleavy, head of financial services, at data integration firmInformatica. "It will make or break their efforts to comply with the initiative as in order to complete the transaction quickly they need to be able to integrate data from multiple systems so data accuracy and access is absolutely critical."

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