Faster Payments - boosting efficiency, driving innovation.
The UK Faster Payments Service runs on the VocaLink real-time payments platform. Real-time technology empowers people to pay who they want, when they want. Business and consumers value the convenience and certainty of payment and can manage cash flow more easily and with greater precision.
The Faster Payments Service represents the biggest advancement in UK payments in a generation. The service is available to member banks, while other financial institutions can access the service through agency arrangements with a member.
Last year, more than 1bn Faster Payments were made, with a total value of over £1.2trn. The transformational nature of real-time technology is as a strategic platform for development.
Real-time technology brings payments into line with the digital economy and the 24x365 society. All parties, including payment providers, business, consumers and government can see the financial and non-financial benefits of delivering frictionless, instant value.
Banks and financial institutions have embraced Faster Payments as a foundation on which to build compelling customer propositions that increase transaction volumes and build loyalty. The proliferation of Faster Payments is driving digital innovation, and the UK is developing a real-time ecosystem that offers more streamlined payment processes and a step-change improvement in processing efficiency.