Faster Payments Service (FPS)

The Faster Payments Service (FPS) is a UK-based electronic bank transfer system that allows individuals and businesses to send and receive money quickly—usually within seconds—on the same day. It operates 24/7, including weekends and bank holidays. FPS is commonly used for everyday transactions like paying bills or transferring funds between accounts. It’s secure, reliable, and designed to provide near-instantaneous payments, making financial transactions more convenient and efficient compared to traditional methods like bank cheques or slower bank transfers.