It was somewhat ironic that the faster payment’s initiative, which was due to have taken effect in November last year, was delayed by almost six months. When it was finally rolled out on May 27, it happened with little fanfare.
This is surprising since the faster payments service (FPS) will revolutionise the way in which UK consumers and businesses alike make their telephone, internet and standing order payments. From late-May, all payments of less than £10,000 between businesses or consumers can be made in real time.
