1. Home
2. Knowledge Centre
3. What are Faster Payments

Faster Payments

In May 2008, the UK Banking Industry introduced a Faster Payments Service to allow consumers and business organisations to make same-day sterling payments.

What are Faster Payments?

The initiative facilitates almost 'real time' payments via Bank Internet accounts, Telephone Banking services or via a service similar to Bacstel-IP using a 'Secure IP' network, for Bacs Direct Credit submitters (including Bacs Approved Bureaux). VocaLink provides the IT Infrastructure for this service whilst the Faster Payments Scheme Company manages the scheme.

What does the Faster Payments Service mean for:

Bacstel-IP users?  |  Corporates & Banks?

Who benefits from the Faster Payments Service?

• Businesses making regular CHAPS payments
• Payroll Bureaux paying weekly, temporary or new staff wages, overtime or expenses
• Organisations who miss the Bacs 3 day cycle for payroll (FPS is less expensive than CHAPS)
• Finance Directors wanting to improve cash management and profitability by making last minute business-to-business payments or early/prompt payments to obtain discounts
• Local Authorities needing to make urgent benefit payments (e.g. housing benefits)
• Businesses currently integrating their ERP/accounting/back office systems to make payments in the APACS standard 18 format

In need of a Faster Payments solution?

Albany has developed and successfully tested with the banking industry, Albany ePAY, a 'Secure-IP' compliant solution for the Faster Payments Service, including a fully compliant Bureau version.

Discover Albany ePAY >>  |  Request a call >>  |  Email us >>