Faster Payments Scheme Limited

Faster Payments Scheme Limited was established to operate the Faster Payment System, which launched in the UK in 2008. The service was created to reduce payment times between different banks' customer accounts from three working days to a few seconds, operating 24 hours a day, 7 days a week. In 2018, the operations and responsibilities of Faster Payments Scheme Limited, along with Bacs and the Cheque and Credit Clearing Company, were consolidated into a single entity, Pay.UK (formerly known as the New Payment System Operator). Pay.UK is now responsible for managing the rules, standards, and day-to-day operation of the Faster Payment System, ensuring it remains a secure, efficient, and reliable part of the UK's financial infrastructure.