case study

Faster Payments

The biggest advancement in UK payments in a generation

The UK Faster Payments Service runs on Vocalink’s real-time payments infrastructure, enabling consumers and businesses to make immediate payments 24x7, 365 days a year.

It is a fully managed service, which runs in parallel with the existing Bacs and CHAPS payments platforms. It supports immediate mobile payments via the Paym application.

 

Advancing UK payments

Faster Payments 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.

In 2017, more than 1.7bn Faster Payments were made amounting to a total value of over £1.4trn. The transformational nature of real-time technology is as a strategic platform for development. Recently, due to the surge in smartphone adoption, new retail use cases are being developed, in particular those around the 'request to pay'.

CASE STUDY

Paym

Paym allows UK users to send and receive payments via the Faster Payments service using a mobile number.
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Instant Payment Service

A real-time clearing and settlement infrastructure for account-to-account payments with ISO 20022 messaging capabilities. 

Connect to Faster Payments 

PayPort offers immediate, secure, round-the-clock access to the UK Faster Payments service for financial institutions as directly-connected settling and non-settling participants.

Real-time payments and applications consulting

Technical advice and analysis to support the migration to real-time payments, from project initiation to effective operation.

Faster Payments consulting

Helping you connect to Faster Payments – from onboarding (including attending your first scheme meeting), compliance and rules, to supporting you with your certification and go-live processes.