01 May 2009
The UK Faster Payments Scheme has been operating near a year now, and whilst initially suffering a launch date delay, today, it looks as though it has lived up to it's potential.
13 major UK Banks have embraced the scheme and updated their payments systems acknowledging the scheme "will make the economy more competitive, be more in tune with the modern world, and also it might give them a payments system to compete for payments work in Europe and beyond", according to Robert Tripp, Managing Director of RT IT Consulting and co-founder of the fastpayments.co.uk website.
Martin Wilson, Chief Commercial Officer, VocaLink reported, " Within the very first few days we were exceeding volume projections. Within the first three months we'd made ten million payments, and on 2nd March we made five million payments on one day". 125 million payments have been made via Faster Payments up to late February.
Wilson continued, " There's an awful lot of interest from corporates to leverage the power of Faster Payments. They see the benefits that enable them to manage their liquidity and supply chain much easier. It takes costs out of their processes as well".
The success of Faster Payments to date, positions Faster Payments as leading the way as the next generation of payments infrastructure and with further developments planned, it is a scheme to watch.
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