A report by CYS Global Remit FinTech Development Team
In this article, CYS Global Remit is here to delve into the United Kingdom's dynamic Faster Payment System network. This innovative system, managed by Pay.UK, which also serves as the standards body for the U.K.'s retail interbank payment systems, operates seamlessly day and night, 365 days a year. Since its inception in 2008, it has been the reliable backbone for both personal and business customers.
The Faster Payment System makes real-time payments of up to £1 million accessible to millions of individuals, businesses, and charities across the UK. It's a versatile solution initiated primarily online, via mobile devices, or through telephone banking, catering to virtually anyone with a bank account.
Impressively, the Faster Payment System demonstrates consistent growth in both transaction volume and value. In the third quarter of 2022, it processed over one billion transactions, marking a remarkable 14% increase over the same period in 2021. These transactions were valued at £840 billion (approximately $1.04 trillion), a substantial 26% surge compared to Q3 2021. To add to its flexibility, the system elevated the transaction limit fourfold from £250,000 to £1 million in February 2022.
Exciting news for CYS Global Remit customers: we're gearing up to launch Real-Time payments for the British Pound (GBP) through our mobile application. Stay tuned for more details, as we continue to enhance our services to meet your needs!