Faster Payments

The global information company Experian said that its payment processing product, Experian Payments Gateway, has achieved approval under the Faster Payments Approved Software Scheme, operated by Bacs.

As the first software to receive approval for unattended use with Direct Corporate Access, it will enable users to fully automate their Faster Payments and participate in the Barclays launch of DCA to Faster Payments in September.

The UK payments association Apacs conjointly with the Payments Council released a comprehensive overview on all UK payments data including expenditure on plastic cards, repayments and lending on credit cards, cash machine withdrawals, checks, Faster Payments, CHAPS payments, Direct Debits and Bacs Direct Credits.

A survey from MPI Europe showed, Faster Payments, which has had a successful start among founding clearing banks, is not meeting the expectations set. The system was designed to provide customers with near real-time transfer of phone, Internet and standing order payment instructions. The phase roll out of the system has been reported to have started in May.

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.