- Knowledge Centre
- Faster Payments Service
Faster Payments Service
Introduced in May 2008, the Faster Payments Service (FPS)
facilitates near 'real-time' payments via the 'Secure IP' network
or via Internet & Telephone Banking. The Faster Payments
Service is delivered by VocaLink, who provides the IT
Infrastructure, whilst the Faster Payments Scheme Company manages
Who benefits from the Faster Payments Service?
- Finance/HR personnel who are late processing a payroll run (FPS
is less expensive than CHAPS).
- Organisations or local authorities making urgent staff,
supplier, expenses, refund or benefit payments.
- Businesses wanting to make contingency payments should disaster
- Businesses currently integrating their ERP/accounting/back
office systems to make payments in the APACS standard 18
payroll late again with ePay »
How does Secure IP work?
- The 'Secure IP' network allows payments (maximum value
currently £100,000) to be received by beneficiaries within seconds
(up to a maximum of 2 hours) of being sent to VocaLink (24/7).
- The file format for submissions remains Standard 18 (as used
- For organisations currently using Bacstel-IP (such as Albany's
'ALBACS' customers), the 'Secure IP' channel provides an
alternative, faster way of making payments. Direct Debits will
still be processed via Bacstel-IP for now.
business by making Faster Payments with ePay »
Faster Payments for Corporates & Banks
D+1 regulation for the EU, effective 1 January 2012, brings the
Faster Payments Service sharply into focus, with businesses and
consumers now expecting prompt payments and refunds.
- The best way to use the FPS varies according to your bank:
- Barclays customers should opt for Direct Corporate Access
(DCA), which is available 24/7 and, in 2009, was the first FPS bank
facility to enter the market.
- RBS and Natwest customers
should link Bankline to ePay to send bulk payment files via the
- HSBC customers can now access the
FPS via a link in ePay.
- Lloyds plan to launch DCA in the near
Payments with ePay »