The Faster Payments Service, launched in 2008, provides all UK consumers and businesses with real time, 24×7, irrevocable payments between all UK bank accounts. The service is widely used to pay invoices, settle card bills and make person to person payments. In 2020 Faster Payments processed 2.9 billion payments between bank accounts moving over £2.1 trillion. To make a Faster Payment the payer (who is sending the payment) needs to provide the Bank Sort Code and Account Number of the account they wish to pay (the payee’s account). Increasingly, payers also need to know the account name of the account they wish to pay, although this is not used by the core Faster Payments Service. The payer, normally at the request of the payee, can also add an optional 18 character payment reference, to help reconciliation of payments that arrive in the payee’s bank account. When the payer makes the payment, mainly on their mobile banking or internet banking app, their bank will confirm to them in real time that not only has the money been sent, but it has been acknowledged and received by the payee’s bank and normally immediately applied to the payee’s bank account. This process is completed by the Faster Payments System and the two involved banks in a matter of milliseconds. From the payee’s perspective, as soon as the payer has made the payment, the money is credited to their bank account. Not only does this happen in real time, 24×7, but the payment is irrevocable. This means that unless the payee agrees in a subsequent discussion with their bank that a payment has been made to them in error, the payment cannot be reversed or charged back in anyway. The Faster Payments Service is the underlying payment technology used by open banking payments services like Ordo.