On 28 May 2008, real-time payments were intruduced into the UK payments market - a world first known as the UK Faster Payments Scheme. Since the launch, uptake has been 2-3 times higher than expected, despite the initial low key launch.

In addition to real-time payments and improved straight-through processing, Faster Payments allows for future enhancements and the launch of potential new services, including:

• Mobile to Mobile payments - using the telephone numbers as the key information to make the transaction
• Online payments - an alternative to cards and PayPal for online shopping
• Corporate access - to allow businesses to access the Faster Payments Service directly

International interest in real-time payments is high. VocaLink is already engaged with a number of parties around the world, and real-time payments are being evaluated as a complement to the Single Euro Payment Area (SEPA) in Europe.

The unique single transaction basis and up to the minute technology behind real-time payments is viewed as a potential platform for both high and low volume transactions as well as cards. It also provides the opportunity to supply non-value services. Work is ongoing to provide new ways of connecting to real-time payments, such as using SWIFT connectivity and providing plug and play services for different sized banks.