Faster Payments

OverviewSuggest Edit

Faster Payments Scheme Limited (FPSL) is the company that enables Mobile, internet, telephone and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day. At its launch in 2008, Faster Payments was the first new payments service to be introduced in the UK for more than 20 years.

In the first seven years of operation, over five billion Faster Payments have been sent and in January 2015, 100 million payments were processed in a month for the first time. Virtually all internet and telephone banking payments in the UK are now processed via Faster Payments.

Ten banks and building societies are Participants of the scheme, and over 400 other financial institutions are able to offer the service, making Faster Payments available to more than 52 million current account holders in the UK.

We believe that the world-leading service we offer should be available to as many customers as possible.

To ensure that Faster Payments is available on a level playing field to all end users that need or want them, the Scheme has been working to understand the access challenges faced by current and emerging Payment Service Providers (PSPs) of all shapes and sizes.

To meet these needs, a New Access Model is currently in development to sit alongside the four current options for PSPs to access Faster Payments.

Faster Payments Scheme Limited is a not-for-profit company, owned and operated by its Participants. Participation in the scheme is open to any financial institution that is able to meet the necessary technical requirements.

TypePrivate
HQLondon, GB
Websitefasterpayments.org.uk

Latest Updates

Employees (est.) (Jun 2021)11
Revenue (FY, 2018)£47.1 M(+6%)
Cybersecurity ratingAMore

Faster Payments Office Locations

Faster Payments has offices in London and Wilmslow
London, GB (HQ)
2 Thomas More St
Wilmslow, GB
Wycliffe House, Water Ln
Show all (2)

Faster Payments Financials and Metrics

Faster Payments Revenue

Faster Payments's revenue was reported to be £47.1 m in FY, 2018
GBP

Revenue (FY, 2018)

47.1m

EBIT (FY, 2018)

5.5k

Cash (31-Dec-2018)

6.6m
GBPFY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

2.4m33.7m34.2m40.0m44.2m44.8m47.1m

Revenue growth, %

2%17%

Operating expense total

2.4m33.7m34.2m40.0m44.3m45.0m

EBITDA

(2.0k)(11.5k)(11.1k)(10.5k)(7.8k)(199.9k)
GBPFY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

635.2k2.2m3.1m2.8m3.5m5.1m6.6m

Accounts Receivable

133.3k227.0112.0k264.8k636.5k

Current Assets

897.2k2.9m3.5m3.0m3.9m6.0m11.5m

PP&E

16.5k10.9k1.3k
GBPFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(14.0)(156.4k)

Cash From Operating Activities

835.3k(267.4k)635.7k1.7m

Net Change in Cash

830.0k(248.5k)646.6k1.7m
Show all financial metrics

Faster Payments Cybersecurity Score

Cybersecurity ratingPremium dataset

A

97/100

SecurityScorecard logo

Faster Payments Online and Social Media Presence

Embed Graph

Faster Payments News and Updates

Finzly CEO joins US Faster Payments Council board advisory group

Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, announced that the company’s CEO and founder, Booshan Rengachari, has been named a new member of the U.S. Faster Payments Council’s Board Advisory Group.

United States Faster and Real-time Payments Market Report 2021: Where the Next Wave of Faster Payments Growth is Likely to Emerge

DUBLIN, March 8, 2021 /PRNewswire/ -- The "U.S. Faster Payments Forecast: The Volume Begins to Build" report has been added to ResearchAndMarkets.com's offering. The pace of real-time and faster payments adoption accelerated in the U.S. during 2020 as explored in new research, U.S. Faster...

US Faster Payments Council sets up work groups

The US Faster Payments Council (FPC), a membership organization devoted to advancing faster payments in the United States, today announced it has launched two new FPC Work Groups: Financial Inclusion and Real-Time Recurring.

US Faster Payments Council publishes 'state of play' report

The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing faster payments in the United States, today released its first State of Play in U.S. Faster Payments report. Developed by the FPC Network Committee, the report is available for download in the FPC’s Faster Payment…

BBVA joins with Swift to test gpi to Faster Payments link in UK

BBVA remains committed to this global network, participating in a new pilot project with which it has managed to integrate payments from the SWIFT gpi network with the U.K.’s national instant payment system.

Exploring QR Codes for Faster Payments

Around the world, QR codes continue to explode in popularity as a payments instrument. In China, over the past three years, QR code “scan-to-pay” solutions have grown 15-fold, reaching $1.3 trill
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Faster Payments Blogs

Advanced notice – first standards technical collateral to be published this summer

The post Advanced notice – first standards technical collateral to be published this summer appeared first on Pay.UK.

Confirmation of Payee – extended capability

The post Confirmation of Payee – extended capability appeared first on Pay.UK.

Reliability of Current Account Switch Service remains high as switching levels match Q3 2020 totals

The post Reliability of Current Account Switch Service remains high as switching levels match Q3 2020 totals appeared first on Pay.UK.

Businesses reminded to plan payments around May bank holidays

The post Businesses reminded to plan payments around May bank holidays appeared first on Pay.UK.

#YearOfRtP is here. Now is the time for your business to get involved

The post #YearOfRtP is here. Now is the time for your business to get involved appeared first on Pay.UK.

The Current Account Switch Service Annual Report: progress in 2020 despite headwinds

The post The Current Account Switch Service Annual Report: progress in 2020 despite headwinds appeared first on Pay.UK.
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Faster Payments Frequently Asked Questions

  • How many employees does Faster Payments have?

    Faster Payments has 11 employees.

  • What is Faster Payments revenue?

    Latest Faster Payments annual revenue is £47.1 m.

  • What is Faster Payments revenue per employee?

    Latest Faster Payments revenue per employee is £4.3 m.

  • Who are Faster Payments competitors?

    Competitors of Faster Payments include hyperWALLET Systems, Credit Europe Bank and Moneycorp.

  • Where is Faster Payments headquarters?

    Faster Payments headquarters is located at 2 Thomas More St, London.

  • Where are Faster Payments offices?

    Faster Payments has offices in London and Wilmslow.

  • How many offices does Faster Payments have?

    Faster Payments has 2 offices.