How to participate

May 27 2008 marked only the beginning of Faster Payments in the UK. Over time, new services will emerge that enable both consumers and businesses to harness the power of this high-speed infrastructure.

Faster Payments for banks

So far, three levels of participation have been defined for financial institutions. Banks and Building societies can become Faster Payments Scheme Member Banks or indirectly connected agency banks, using the service provided by their clearing bank. The third level of participation has been scoped for the future: Directly Connected Agency Banks will be able to submit payments into the central infrastructure just like a Scheme Member Bank but without needing to hold a settlement account with the Bank of England.

More information on the participation options for banks is available on the APACS web site. To discuss your options, contact your Faster Payments Scheme Member bank.

Faster Payments for businesses

From 27 May, Faster Payments Scheme Member Banks will begin to roll out facilities to make Faster Payments available to their personal and corporate banking customers. In the short term, it could help you make one off supplier payments, late salary payments or emergency payments. In the long term, Faster Payments could become central to how you collect customer payments or achieve straight through processing. For information on the options available to you, contact your Faster Payments Scheme Member Bank or visit the APACS web site.