The Faster Payment System is available day and night, 365 days per year, supporting the demands of personal and business customers since its creation in 2008.
The Service enables real-time payments for millions of individuals, businesses and charities across the UK – in fact, virtually everyone with a bank account.
This is made possible by the range of high street banks, building societies, challenger banks and other fintechs and payment service providers (PSPs) that connect either directly, or indirectly to the Faster Payment central infrastructure.
Thanks to a new access programme launched in 2014, the number of direct Faster Payment System participants has more than tripled, with more still in the pipeline. In 2018, the launch of new rules allowing non-banks to open a settlement account at the Bank of England, saw the first non-bank join as a direct participant.
In 2020, the Faster Payment System enjoyed a record-breaking year, processing 2.9 billion transactions with a value of £2.1 trillion. This represented a year-on-year volume increase of 410 million payments, or 17%, and an 8% jump in values (up from £1.9 trillion in 2019).
The Faster Payment System also powers Paym, the UK’s mobile payments service, which makes it possible to pay friends, family and small businesses, using just their mobile number.