FPS (acronym for Faster Payments Service) is the first new payments service to be introduced in the UK for over 20 years. FPS has enabled for he first time, domestic transfers within the UK, whether instructed by phone, internet, or standing order to be sent and clear within a few hours.
13 banks and building societies were founding members of the new service, and other financial institutions are able to join, either as members, or to access the system through agency arrangements with a member - just as they do with other payment systems.
The new service runs alongside existing payment schemes in the UK such as BACS and CHAPS.
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