The Faster Payments service will be introduced in May 2008 and will be a completely new way of making payments in the UK. Separate to BACS and CHAPS, the Faster Payments service will significantly increase the speed of UK credit transfer from one account to another and will enable consumers and organisations to send same day single immediate payments below £10,000* at a considerably lower cost than CHAPS and considerably Faster than BACS.
In order to handle the requirements of near real-time payment processing, financial institutions and corporates will need to make significant changes to their current payment systems. As payments made through the service will be irrevocable, it is imperative that bank account and bill payment details for Faster Payment submissions are correct.
Eiger Systems industry leading validation components, Bank Wizard and Bank Wizard for Bill Payments, specialise in the areas of bank account validation and bill payment reference number validation respectively.
*A limit of £100,000 will apply to forward dated and Standing Order Faster Payments, however, these payments must be submitted to the Faster Payments infrastructure via the payer’s bank
Please note - Experian Payments was formally Eiger Systems