May 27 2008 marked the beginning of Faster Payments in the UK. Over time, it is expected that new services will emerge enabling 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
Faster Payments Scheme Member Banks are continuing the roll out of facilities to make Faster Payments available to their personal and corporate banking customers. many businesses are using Faster Payments to make one off supplier payments, late salary payments or emergency payments. In the long term, Faster Payments are likely to become central to businesses collect customer payments or achieve straight through processing.