Faster Payments Service

The Faster Payments Service (FPS) is a UK banking initiative that enables instant electronic money transfers between banks. Launched in 2008, it allows individuals and businesses to send and receive payments almost immediately, 24/7, using online or mobile banking. Unlike traditional methods that might take hours or even days, FPS transactions are completed within seconds, enhancing convenience for users. It’s widely used for everyday transactions, such as paying bills or transferring money to friends, and is an essential part of the modern banking system, promoting efficiency and speed in personal and business finances.