Faster Payments Service made £26bn in one day

According to Apacs payments industry association, Faster Payments Service (FPS) has made 3.9 million payments on 1 December 2008. This became a new daily record for the company, reports Silicon.com.

In the first six months of its operation starting May 2008, FPS had processed 63 million payments worth £26bn.

Moreover Apacs has discovered, that while two-thirds of all phone and internet payments are being processed through the FPS, less than half of standing orders go through the service.

FPS ensures standing orders, phone or internet payments. The service is run by Chaps, the clearing company. The infrastructure that the service is run over is provided by VocaLink payments processing organization. Thirteen founding banks, including Barclays, Citi, HBOS, and HSBC have supported the service at its launch.