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Faster Payments Service

Overview

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 it.

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 strike.
• Businesses currently integrating their ERP/accounting/back office systems to make payments in the APACS standard 18 format.

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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 with Bacstel-IP).
• 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.

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Faster Payments for Corporates & Banks

• The 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 Albany ePAY to send bulk payment files via the FPS.
  • HSBC customers can now access the FPS via a link in Albany ePAY.
  • Lloyds plan to launch DCA in the near future.

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