Launched in 2008, the Faster Payments Service enables interbank fund transfers in near real time, typically initiated via the internet or phone.

Chris Dunne, Payment Services Director at VocaLink comments: "The ability to make secure payments in near real-time has become a popular method of payment amongst consumers and businesses. With Faster Payment volumes continuing to grow annually, it shows that in just four years the Service has exhibited the scalability required to become an integral part of the national payments infrastructure.

The Faster Payments Service offers a secure and reliable way of making near instant payments between bank accounts, meeting consumer demands in this digital age. It also provides the UK banking industry with a solid platform for innovation, especially with the growth being seen in mobile payments.

The development of the central mobile database for the Payments Council will allow consumers to link their mobile phone number to their bank account and make instant payments, using the Faster Payments Service, without the payee having to reveal their bank account details. In the future VocaLink's ubiquitous, real-time payments infrastructure will give consumers the ability to make payments from their mobile device and we look forward to seeing the Faster Payments Service enjoy further growth over the coming years."