March 2009

The Faster Payments Service marches on

On Monday 2nd March, The Faster Payments Service set a new record as it processed its highest volume in a single day.

Five million payments, totalling £1bn, were sent through the new service, eclipsing the previous record of four million payments, totalling £730 million, which was set last December. This provides further evidence that the momentum behind The Faster Payments Service will continue at an even greater pace when Direct Corporate Access is introduced this year.

The system enables payments to be made on the same day, as opposed to the current 3 day Bacs cycle. Faster Payments transactions can also be made for a fraction of the cost of the current service, CHAPS.

One of the main factors for this increase in activity is believed to be a rise in the number of banks who are now offering the service.

Since May 2008, the Faster Payments system has processed 125 million payments worth over £46bn and volumes are predicted to rise. This year, corporates will be able to implement Faster Payments and benefit from improved cash flow visibility, better customer service and reduced risk. Can you think of a good enough reason not to implement this service?

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