UK Faster Payments volumes soar

Source: Apacs

Apacs, the UK payments association, has today (30 December 2008) provided an update on the new Faster Payments Service.

Introduced at the end of May this year, the new system processed 3,907,719 payments on its latest peak day, on 1 December 2008*.

During the first six months of operation, the service processed over 63 million payments, to a value of over £26 billion.

Around two-thirds of phone and internet payments are now processed through the Faster Payments Service, although still less than half of all standing order payments. More than 40 per cent of all credit card accounts are now payable through the Service with three major credit card companies offering the facility for customers to pay their bill, ensuring that the money reaches the credit card account much quicker than previously. Other credit card companies are undertaking the technical work they need to offer this service to their customers too.

Since the launch banks have been gradually rolling out the new service to customers so volumes and values of payments have been increasing, with the highest peak to date on 1 December, when almost 4 million payments were made on one day.

David McFarlane, CHAPS Company Manager said: "Since day one, our new central infrastructure has worked all day and every day processing internet and phone payments with complete reliability. We hope that 2009 will be the year that the Faster Payments Service is made available for even more internet, phone and standing order payments so more and more customers can benefit from the new service in more situations."

* peak day volumes are likely to occur at the start of every month as this is when the vast majority of customer standing order payments are processed.

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