Faster Payments
InfrastructureFaster Payments Scheme
Definition
The Faster Payments Scheme (FPS) is a UK payment system that enables near-instant sterling transfers between bank accounts, typically within seconds, 24/7. It is used for one-off and recurring payments and underpins many Open Banking payment initiation (PIS) flows. Confirmation of Payee is used with Faster Payments to help prevent misdirected and fraudulent payments.
Related Terms
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
CoP
Confirmation of PayeeConfirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient accoun...
Instant Payments
Instant Payments / Real-Time PaymentsInstant Payments are electronic payments that are processed, cleared, and settled within seconds, 24...
Frequently Asked Questions
What is Faster Payments Scheme?
The Faster Payments Scheme (FPS) is a UK payment system that enables near-instant sterling transfers between bank accounts, typically within seconds, 24/7. It is used for one-off and recurring payments and underpins many Open Banking payment initiation (PIS) flows. Confirmation of Payee is used with Faster Payments to help prevent misdirected and fraudulent payments.
What does Faster Payments stand for in Open Banking?
Faster Payments stands for Faster Payments Scheme. It is a fundamental concept in Open Banking and PSD2 regulations. The Faster Payments Scheme (FPS) is a UK payment system that enables near-instant sterling transfers between bank accounts, typically within seconds, 24/7. It is used for one-off and recurring payments and underpins many Open Banking payment initiation (PIS) flows. Confirmation of Payee is used with Faster Payments to help prevent misdirected and fraudulent payments.
More Infrastructure Terms
Directory
Open Banking DirectoryThe Open Banking Directory is the core infrastructure of the Open Banking ecosystem – enabling parti...
Directory Sandbox
Open Banking Directory SandboxThe Open Banking Directory Sandbox is a test instance of the Directory. The Directory Sandbox may be...
Sandbox
API SandboxAn API Sandbox is a testing environment that allows developers to experiment with Open Banking APIs ...
Developer Portal
A Developer Portal is a website provided by an ASPSP or API aggregator that gives developers access ...
RTR
Real-Time Rail (Canada)The Real-Time Rail (RTR) is Canada's forthcoming instant payments infrastructure, managed by Payment...
SEPA
Single Euro Payments AreaThe Single Euro Payments Area is a payment integration initiative of the European Union for simplifi...
Explore More Open Banking Resources
Dive deeper into the Open Banking ecosystem with our comprehensive directories.