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UK Faster Payment Service

Welcome to the News View for "UK Faster Payment Service".

Here, on these archive pages, you'll find all of the articles on Payments News for UK Faster Payment Service listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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October 23, 2014

Headline News from PaymentsNews.com - October 23, 2014

On the Web:

  • Considering Bitcoin as a Payment Network - PaymentsViews.com (Russ Jones) - "What sort of payment system is Bitcoin? I’d say it is most similar to an open loop payment system that uses the push model. It offers close to real-time processing between end-parties and uses real-time gross settlement to complete each transaction. ..."
  • Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States - Federal Reserve Bank of Boston - "This paper examines the economic cost-benefit analysis underlying the U.K. FPS investment decision and describes the subsequent diffusion and use of FPS through 2013. The paper also assesses the effects that FPS likely had on the rest of the U.K. payment system and highlights key unanswered questions for future research."
  • The Dawn of Diners Club, and the Credit Card - New York Times - "Diners Club initially charged a $5 annual fee to users (equivalent to $49 today) and a fee of 7 percent to 10 percent of the charge to the business accepting the card."
  • Better Your Business With Square App Marketplace - Square Blog - "Whether you’re looking for easy sales tax reporting and filing with TaxJar, a wireless kitchen display system with Fresh KDS, or a comprehensive view of your social and online marketing efforts alongside sales with SumAll, you can find business apps that sync seamlessly with your Square account."
  • Why America has been slow to adopt modern credit-card technology - Economist - "As the (probably apocryphal) Winston Churchill aphorism goes, you can always count on the Americans to do the right thing—after they have tried everything else."
  • Etsy Introduces Credit Card Reader to Go Beyond the Web - "With the launch, Etsy will for the first time start earning a cut of transactions that happen away from its digital platform."
  • The 12 Best Answers from Gavin Andresen's Reddit AMA - CoinDesk - "They should use the block chain as the world's most secure distributed ledger."
  • Apple Pay’s First TV Ad Is A World Series Spot From MasterCard And MLB - TechCrunch - "Remember, this is a MasterCard ad, not an Apple ad, meaning this is yet another sign that payments providers think Apple could be the company to make mobile payments really take off, and are investing resources and backing accordingly."
  • In Palo Alto, Even the Hummus Guy Has an E-Commerce Startup - Re/code.net - "His new app — Wondermall — is an iPad shopping play in which a user can scroll through a virtual mall populated with anchor stores like Macy’s and Banana Republic."
  • Tipalti lands $13M to become a bigger international payment platform - VentureBeat - “When you’re paying your supplier, there isn’t a simple, common denominator,” CEO and co-founder Chen Amit told VentureBeat.
  • Mobile Payments: Ready for Primetime - The Clearing House Banking Perspectives (Dave Fortney) - "The great consumer adoption fallacy is that consumers will use mobile payments simply because they’re new and cool. The opposite is more likely true; tech enthusiasts aside, most consumers are resistant to change and will only accept it if given a compelling reason. Consider it the human equivalent to Newton’s first law of motion: an object at rest tends to stay at rest unless acted upon by an outside force."

On the Wires:

  • The Clearing House to Undertake a Multi-Year Effort to Design and Develop a Secure, Real-Time Payment System - “The digital economy moves in real time and our customers expect us to keep pace,” said Richard Davis, Chairman, President, and CEO of U.S. Bank and Chairman of The Clearing House. “We will work with the industry to build a real-time payment infrastructure, which will enable consumers to pay and get paid securely and conveniently.”
  • U.S. Bank Launches Corporate Payments Mobile App for On-The-Go Account Access - “Mobile devices are blurring the line between corporate and consumer need,” said Dominic Venturo, chief innovation officer for U.S. Bank. “Customers want a consistent, familiar experience, whether they’re paying their mortgage at home or managing invoices at work. Tools must be simple, intuitive, and offer high-value, low-cost functionality."
  • Worldpay Supports Apple Pay - “Enabling our merchants to process Apple Pay payments is a natural extension of Worldpay’s secure payment offerings,” said Tony Catalfano, President and CEO of Worldpay US. “We are committed to ongoing improvements that enable our merchants to accept new methods of payment as they evolve and intersect with new technologies."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 30, 2014

Headline News from PaymentsNews.com - June 30, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

May 15, 2013

Headline News - May 15, 2013

On the web:

On the wires:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

March 25, 2010

UK Payments Council Provides Online Tool to Check Payment Options

The UK Payments Council has "relaunched its Sort Code Checker online tool, extending it beyond Faster Payments to cover Bacs, CHAPS, cheques and paper credits. By inputting the sort code of the account a payment is being sent to, a customer can see whether the account can receive a Faster Payment, Bacs Credit or CHAPS payment. Customers will also be able to see if an account allows a Direct Debit instruction to be set up and if a cheque or paper credit can be paid into the account through the clearings. The Checker, which stores all the UK’s 20,000 sort codes, can be found on the UK Payments website." READ MORE »

July 09, 2009

A Look at the U.K.’s Faster Payments Service

PaymentsViews_logo-140px.jpgOver on PaymentsViews.com, Glenbrook's Carol Coye Benson takes a look at the UK's Faster Payments Service. Carol spoke with David McFarlane, Company Manager, CHAPS Clearing Company about FP - and said she was surprised by much of what he said: FP is not what you thought!

May 30, 2008

UK's Faster Payments Service Moves £200 million in First 3 Days

APACS has announced the volume and value figures for the first three days’ operation of the new Faster Payments Service, launched on Tuesday, May 27. "In total, between just after midnight on Tuesday 27th May and today at 12.45pm, 318,405 faster payments have been processed to a value of £200,127,682.03. This equates to around 90,000 payments a day, 3,750 payments an hour – one every second – with an average value of over £625 per payment." READ MORE »

May 27, 2008

APACS Says UK Faster Payments Service Now Live

APACS has confirmed that the infrastructure for the new Faster Payments Service is now live, with payments from midnight being processed through the new system. According to APACS, by 7 AM this morning 898 payments had been made with a value of £461,383.43. READ MORE »

May 22, 2008

UK's Faster Payment Service Launches Next Week

APACS has published new materials to help customers wishing to benefit from the new Faster Payment Service as it begins its rollout on May 27th . APACS has produced a new, downloadable advice guide, How to use the Faster Payments Service icon_PDF_small.gif, along with an online easy-to-use sort code checker. Customers can input any UK sort code to check whether it is able to receive Faster Payments. More sort codes will be added over the next few months as the service is rolled out. All these materials are available from www.apacs.org.uk. READ MORE »

May 01, 2008

Barclaycard, InterContinental Hotel Group Launch Rewards Visa Card

In the UK, Barclaycard and InterContinental Hotel Group (IHG) have announced the launch of the Priority Club Rewards Visa credit card. READ MORE »

April 28, 2008

UK Faster Payment Service to Launch on May 27

APACS has confirmed plans for the launch of the new Faster Payments Service on May 27th. Beginning then, the FPS founding banks will be gradually implementing their own plans to deliver the new service to their customers. According to APACS, 'the new service will benefit customers by speeding up one-off payments made over the internet or by phone, reducing the current three-day clearing timescale to enable these payments to clear within hours, not days. For the very first time it will also be possible to make these payments all day every day.' READ MORE »

March 06, 2007

UK's Voca and LINK Announce Merger

UK payment services companies Voca and LINK Interchange Network have announced their intention to merge to create VocaLINK with the combined company expected to handle over 8 billion payment transactions this year.

READ MORE »

September 12, 2006

Eiger Systems Enhances Solutions To Support UK Faster Payments

Eiger Systems has announced that its BANK WIZARD and BILLER WIZARD solutions have been enhanced to support banks implementing the UK Faster Payments initiative, which is designed to deliver same day clearing for electronic payments.

READ MORE »

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