(FPS) is a UK banking initiative to reduce payment times between different UK banks' customer accounts from three working days using the long-established BACS system, to a few hours.

Faster Payments enable interbank funds transfers in near real time, typically initiated via the internet or phone. The Faster Payments Service represents the biggest advancement in UK payments for several decades and is designed to run in parallel with the existing Bacs and CHAPS services. Other financial institutions are able to join, either as me [..]