Faster Payments is a key initiative impacting the UK payments industry throughout 2008. Initially driven by the OFT’s Task Force, Faster Payments differentiates the UK payments industry providing a faster (same day) electronic payments capability and eliminating the taking of Float (the interest built up between money leaving a payee’s account and crediting the beneficiary’s account) by banks.
The Faster Payments schemes and rules are managed by the CHAPS Clearing Company while Immediate Payments Ltd (a subsidiary of VocaLink) operate and maintain the Faster Payments Central Infrastructure, ensuring the links with banks and the availability of the system.