About
The Faster Payment System (FPS) is the UK's real-time interbank payment rail, established in 2008 and run by Pay.UK. Payments are sent through online, mobile or telephone banking and move in real time, 24/7, with a scheme limit of £1 million per payment, although banks set their own lower limits; participants connect directly or through a sponsor and settle via accounts at the Bank of England. Consumers never choose 'Faster Payments' by name: they use it through ordinary bank transfers, standing orders and open-banking Pay by Bank checkouts, which send the money over FPS. In 2025 it processed 5.55 billion payments worth £4.84 trillion.
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