Faster Payment System (UK)

The Faster Payment System (UK) is used by people in the United Kingdom to transfer money between customer accounts under different banks, usually in small amounts. This system is operated by Pay.UK since 2017. As the name suggests, this system is much faster than the Bacs and CHAPS systems.Barclays Bank, Faster Payments FAQ Some people think that FPS is outdated and should be replaced.
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Category:Finance