Faster Payments

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.

Company Growth (employees)
Type
Private
HQ
London, GB
Size (employees)
41 (est)
Faster Payments is headquartered in London, GB

Faster Payments Office Locations

Faster Payments has an office in London
London, GB (HQ)
2 Thomas More St

Faster Payments Data and Metrics

Faster Payments Financial Metrics

Faster Payments's revenue was reported to be £40 m in FY, 2015 which is a 17% increase from the previous period.
GBP

Revenue (FY, 2015)

40 m

Revenue growth (FY, 2014 - FY, 2015), %

17%

Cash (31-Dec-2015)

2.8 m
GBPFY, 2013FY, 2014FY, 2015

Revenue

33.7 m34.2 m40 m

Revenue growth, %

2%17%

Pre tax profit

202.8 k
GBPFY, 2013FY, 2014FY, 2015

Cash

2.2 m3.1 m2.8 m

Accounts Receivable

227

Current Assets

2.9 m3.5 m3 m

PP&E

16.5 k10.9 k

Total Assets

2.9 m3.5 m3 m

Accounts Payable

16.5 k12.4 k858.4 k

Current Liabilities

1.1 m1.7 m858.4 k

Total Liabilities

1.1 m1.7 m858.4 k

Total Equity

1.8 m1.8 m2.2 m

Financial Leverage

1.6 x1.9 x1.4 x
GBPFY, 2013FY, 2014FY, 2015

Cash From Operating Activities

835.3 k(267.4 k)

Income Taxes Paid

(20)(2.8 k)
Y, 2015

Financial Leverage

1.4 x

Traffic Overview of Faster Payments

Faster Payments News and Updates

Monese adds Direct Debits to become even more like a regular bank account

 Monese, the London-based fintech startup that offers a mobile banking app and current account, continues to fill in missing features that might otherwise stop it from replacing your bank altogether. The latest is Direct Debit functionality, a mechanism for reoccurring payments, such as those requir…

Uber just launched a brand new app aimed to help truckers

Uber is expanding its ride-sharing service with a brand new app that hopes to make life easier for truck drivers. The company launched Uber Freight on Thursday, and as you probably guessed, it's essentially Uber, but for trucking.  SEE ALSO: Uber's new update will now let you look at public tran…

Starling Bank's partnered with Vocalink for mobile payment tech

Digital challenger bank Starling has partnered with Pay by Bank app, Vocalink's mobile payment technology, to let users more easily make purchases online Formerly known as Zapp and created by the UK's biggest banks before Vocalink was sold to Mastercard, Pay by Bank app's technology is already be…

'Big banks want to come see us every week': Starling CEO Anne Boden on building a bank from scratch, making money, and Monzo's Tom Blomfield

LONDON —Britain is going through a retail banking boom right now, with several new, app-only banks setting up shop. Starling was one of the first. Anne Boden quit her position the COO of Allied Irish Bank (AIB) in 2014 to build a mobile-first bank and has been doing that eve…

Mastercard gets the nod from the CMA for £700m VocaLink deal

The competition authority has approved Mastercard's £700m acquisition of payments technology firm VocaLink, after they addressed competition concerns. Mastercard picked up a majority stake in the payments processor in a £700m deal in July last year.  Read more: Mastercard's £700m Vocalink deal…

Monzo, a UK digital-only challenger bank, granted full banking license

 Monzo, one of a number of so-called “challenger” banks in the U.K. aiming to re-invent the current account, has had the “restrictions” on its banking license lifted and says it will begin rolling out full current accounts to its pre-paid card and beta app users. Read More
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Faster Payments Company Life and Culture

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