FAST: A platform for innovation


Since its launch last year, FAST has gained wide customer acceptance and there has been a continual increase in the number of transactions. The availability of 24x7 transfers has generated a ‘network effect’, which has driven uptake. FAST has processed over 18 million transactions since launch – customers appreciate the certainty of person-to-person payments and receive immediate confirmation of fund transfers, which is also a core requirement for successful mobile commerce strategies. 

In May 2015, the limit for FAST payments was increased from $10,000 to $50,000. This has greatly increased the scope of the service, particularly for business customers who benefit from improved cash flow and tighter cash management. Functionality has recently been expanded to include debit requests in addition to the existing ‘push credit’ capability that replicates the UK Faster Payments Service.

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FAST: A platform for innovation

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