Pioneering Spirit

Case Studies

When the Faster Payments System (FPS) was envisaged in the UK, primarily at the behest of regulators, many in banking were sceptical of its value, characterising it as an expensive and disruptive ‘solution to a problem that didn’t exist’.

Current systems seemed more than adequate to meet demand, and with internal systems and processes geared towards batch payments, the idea of immediate transfer of funds seemed both unnecessary and potentially problematic.

However as the project progressed towards implementation in 2008, the system became an important way in which UK banks could comply with the EU Payment Services Directive.

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Pioneering Spirit

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