Comments on: A Look at the U.K.’s Faster Payments Service http://paymentsviews.com/2009/07/09/a-look-at-the-u-k-%e2%80%99s-faster-payments-service/ Views and Opinions about the World of Payments Wed, 10 Mar 2010 18:51:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dave Birch http://paymentsviews.com/2009/07/09/a-look-at-the-u-k-%e2%80%99s-faster-payments-service/comment-page-1/#comment-3544 Dave Birch Sun, 12 Jul 2009 11:21:49 +0000 http://paymentsviews.com/?p=1834#comment-3544 "But it sounds like the real driver was a regulatory push" To be honest, this was the only real driver. But the system does work, and although most consumers know nothing about it, and although you can't tell whether a payment you are instructing via home banking will go via FPS or not, the usage is going up steadily. “But it sounds like the real driver was a regulatory push”

To be honest, this was the only real driver. But the system does work, and although most consumers know nothing about it, and although you can’t tell whether a payment you are instructing via home banking will go via FPS or not, the usage is going up steadily.

]]> By: Ketharaman Swaminathan http://paymentsviews.com/2009/07/09/a-look-at-the-u-k-%e2%80%99s-faster-payments-service/comment-page-1/#comment-3543 Ketharaman Swaminathan Sat, 11 Jul 2009 15:57:03 +0000 http://paymentsviews.com/?p=1834#comment-3543 Simple, really. You, as the merchant, simply make sure that your bank account (i.e. combination of account number and sort code) are "faster-payments enabled". If it isn't, simply open another account at a bank that can (at least) receive faster payments (if not send and receive). Publish your account details on your website or provide them selectively to whoever you wish to receive payments from -- both of them are standard practices in Europe, unlike in the US. Your customer then initiates a person-to-person faster payment from her bank account (assuming her bank is an FPS member) to your bank account. Provided the amount is less than GBP 10K, that's it. You get the money in your faster payments enabled bank account in a few seconds (although the standard FPS SLA is two hours, so sometimes it could take longer). Simple, really. You, as the merchant, simply make sure that your bank account (i.e. combination of account number and sort code) are “faster-payments enabled”. If it isn’t, simply open another account at a bank that can (at least) receive faster payments (if not send and receive). Publish your account details on your website or provide them selectively to whoever you wish to receive payments from — both of them are standard practices in Europe, unlike in the US. Your customer then initiates a person-to-person faster payment from her bank account (assuming her bank is an FPS member) to your bank account. Provided the amount is less than GBP 10K, that’s it. You get the money in your faster payments enabled bank account in a few seconds (although the standard FPS SLA is two hours, so sometimes it could take longer).

]]> By: Karim Nanji http://paymentsviews.com/2009/07/09/a-look-at-the-u-k-%e2%80%99s-faster-payments-service/comment-page-1/#comment-3540 Karim Nanji Fri, 10 Jul 2009 19:48:56 +0000 http://paymentsviews.com/?p=1834#comment-3540 So, if I were a merchant that wanted to accept payments from consumers through FBS, how would I go about doing this? So, if I were a merchant that wanted to accept payments from consumers through FBS, how would I go about doing this?

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