Faster Payments is a payment system in the United Kingdom that enables fast and secure fund transfers between bank accounts. It was launched in 2008 by Faster Payments Service Limited (FPSL), a company created by major UK banks.
The Faster Payments system allows individuals, businesses, and organizations to make real-time payments, 24 hours a day, 7 days a week. It is designed to facilitate instant electronic money transfers, without any delay or waiting, unlike traditional payment clearing systems that can take several hours or even days.
To use the Faster Payments system, users need to have a bank account in the UK and have access to their bank’s online banking or mobile banking services. Payments can be made using the beneficiary’s account details such as the account number and sort code, or using the Paym service, which enables payments to be made using only the beneficiary’s mobile phone number.
Faster Payments is widely used for a variety of transactions, including person-to-person transfers, bill payments, online purchases, refunds, wages, and transfers to savings accounts. The system is known for its speed, convenience, and security, providing an efficient alternative to checks and debit or credit card payments.