Faster Payments in the UK, the almost real-time payment system for moving mobile,  internet, telephone and standing order payments securely and quckly, is seven years old, yet transactions are still growing at 14%/annum. The UK Payment Statistics for March 2016 showed that over the last year, single immediate payments on Faster Payments grew even faster at 20% whilst cheques declined by 13%, see below:

Source & Copyright©2016 - Payment Council

Faster Payments access will get easier

To ensure that Faster Payments is available on a level playing field to all end users that need or want them, the Faster Payments Scheme is currently developing a new Access Model to sit alongside the four current options for PSPs to access Faster Payments. 

Platforms are joining the Faster Payments scheme via the new access model, e.g. Payport, which will make it easier for corporates to have access to the Faster Payments scheme world-wide.

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CTMfile take: How are you going to use the new ease of access to Faster Payments in your collections and payments solutions in the UK?