Faster Payments Service

Faster Payments Service

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Faster Payments Service is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to near real time. CHAPS already provides limited faster-than-BACS service for 'high value' transactions, while FPS is focused on the much larger number of payments of smaller values. Twelve banks and one building society, accounting for about 95 percent of payments traffic, initially committed to use the service. Other institutions could join later as full members. For smaller organisations such as building societies and savings institutions, a deposit-only service is available through agency arrangements with a member. There had been few announcements regarding charges for Faster Payments. It was expected to be around 1- 5 for immediate payments by business users. No retail bank currently charges personal customers, nor is there currently any sign this will more

Product details

  • Paperback | 56 pages
  • 152 x 229 x 3mm | 95g
  • Log Press
  • United States
  • English
  • 6135830902
  • 9786135830903