Faster Payments
| Short name | FPS |
|---|---|
| Location | United Kingdom |
| Launched | May 27, 2008 |
| Predecessor | BACS |
| Technology |
|
| Operator | Pay.UK (via subsidiary Faster Payments Scheme Limited) |
| Currency | GBP (£) (£1 million (set by individual banks) maximum load) |
The Faster Payments Service (FPS) is a United Kingdom real-time gross settlement system which facilitates transfers between different banks' customer accounts within a few seconds. The system offers faster settlement times than the long-established BACS and CHAPS systems. FPS processes a large volume of small payments, subject to limits set by the individual banks, with some allowing Faster Payments of up to £1million. Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account.
On 1 May 2018 the Bank of England announced that the New Payment System Operator (NPSO), which had been rebranded as Pay.UK in 2017, had taken over responsibility for the operation of the Bacs and Faster Payments systems and Faster Payments announced that it had become a subsidiary company of Pay.UK.