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Faster Payments is five years old

The UK's Faster Payments Service (FPS) celebrated its fifth birthday on 8th May.  

Since 2008 the system has grown rapidly, as evidenced in the transaction volumes:

  • an
    overall transaction percentage increase of 181%
  • 735.6 million
    annual transactions in 2012
  • 900-950 million transactions anticipated in 2013
  • processing around £740 billion a year

This makes it the largest real-time payment system for retail transactions operating today.

To celebrate VocaLink, who operate the service, sent me this infographic:

 
Faster Payments

Nice.

Download Faster_Payments_infographic

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Shripad Vaidya

    Chris – Real good numbers. FPS has been a great utilization for Online Banking too esp in 24*7 environment. Any quick / brief data available soecifically for online Banking?