What is the faster payments system (FPS)?
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The Faster Payments System (FPS) is a secure payments network that allows banks in the UK to send payments faster.
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What is the faster payments system (FPS)?
The Faster Payments System (FPS) is a secure payments network that allows banks in the UK to send payments faster. It works by allowing banks that are on the network to electronically and securely transfer money between each other, with near-instant availability of funds. It is available 24 hours a day, 365 days a year.
Some of the benefits of FPS include faster processing time for payments, reduced costs and increased customer satisfaction.
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