Faster Payments Service

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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.

Instant payments for corporates?
"... in a live proving exercise a [UK] Faster Payment valued in the tens of millions of pounds was sent and received.
In comparison, SCT Inst has started with a EUR 15,000 limit, and the US Real-time Payments System caps transactions at USD 25,000."
The Treasurer magazine, April 2018, p23 - In Search of the Tipping Point.

See also

Other resource

UK Faster Payments Service, ACT Briefing note, 2008