Faster Payments Service

(FPS). UK process for electronic payments, typically made via the internet or phone, to be processed in hours rather than days.

It allows credit transfers and standing orders to be paid in near real time. There is a maximum transaction amount. It is operated by VocaLink 24 hours a day, 7 days a week.

See also

• BACS
• Clearing House Automated Payment System
• Electronic commerce
• Faster Payments Scheme