Faster Payments Service

FPS

The Faster Payments Service is a UK payment system that enables near-real-time transfers in pounds sterling between bank accounts. It supports single immediate payments, standing orders, and bulk payments.

FPS runs 24/7 and is commonly used for online and mobile bank transfers. It complements BACS for batch payments and CHAPS for high-value transfers.

Related Terms

BACS

Bankers' Automated Clearing Services

BACS is a UK-based system for processing electronic payments including Direct Debits and Direct Cred...

CHAPS

Clearing House Automated Payment System

CHAPS is a UK RTGS payment system used for high-value, same-day sterling payments. It's typically us...

RTGS

Real-Time Gross Settlement

RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...

Standing Order

A standing order is a regular, fixed EFT payment set up by an account holder to pay a set amount to ...

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