UK Faster Payments Service Launched

May 2008 has seen the launch of the much awaited Faster Payment Service (FPS) for consumers. The new service will offer same-day payments of up to £10,000 and will be available through BACS-IP solutions.

Whereas the existing BACS-IP service takes three days from the actual submission on Day 1 to the simultaneous debit/credit on Day 3, the Faster Payment Service is a near real time UK Sterling payments system that is submitted by the originator and received by the beneficiary all on the same day.

Intersoftware will be offering the Faster Payment Service facility to both new and existing BACS-IP and BACS-IP Bureau customers, and we will be one of the forerunners to release the software as soon as Bacs Ltd has set the date.

For further information on the features and benefits of the Faster Payment Service please fill out a BACS brochure request form by clicking here.