About Faster Payments
Faster Payments Scheme Limited (FPSL) is the company that enables mobile, internet, telephone and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day. At its launch in 2008, Faster Payments was the first new payments service to be introduced in the UK for more than 20 years.
Faster Payments will be celebrating its 10th birthday in 2018. During this time, over 9 billion payments have been sent using the service, worth a combined value of over £6 trillion! Virtually all internet and telephone banking payments in the UK are now processed through Faster Payments.
Twenty one organisations are Participants of the scheme, and over 400 other financial institutions are able to offer the service, making Faster Payments available to more than 52 million current account holders in the UK.
We believe that the world-leading service we offer should be available to as many customers as possible.
To ensure that Faster Payments is available on a level playing field to all end users that need or want them, the Scheme has been working to understand the access challenges faced by current and emerging Payment Service Providers (PSPs) of all shapes and sizes.
To find out more about how Faster Payments has been working to make access as open as possible, visit our Access to Payments page.
Faster Payments Scheme Limited is a not-for-profit company, wholly owned and operated by Pay.UK Limited. Participation in the scheme is open to any financial institution, authorised payment institution or authorised e-money institution that is able to meet the necessary technical requirements. From 1 May 2018 the oversight, systemic risk management and strategic direction of the running and management of the Faster Payments system will be conducted by Pay.UK.