Never truer words when applied to real-time or faster payments! And to prove it, let’s examine the journey of the UK Faster Payments System(FPS), probably the oldest implementation of real-time payments worldwide. FPS was launched in May 2008 (yes, that’s 11 years ago!) and allows customers to make electronic payments almost instantaneously, 7 days a week, 24 hours a day. The payments are typically made by internet banking (but can be done by phone) to transfer money between accounts, to other people, pay bills, or make regular standing orders. In mid 2009, Direct Corporate Access was introduced, enabling corporate customers to submit bulk immediate payments and agency banks to join.
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