Faster Payments Service debut payments pass £200 million mark

APACS has announced the volume and value figures for the first three days' operation of the new Faster Payments Service, launched on Tuesday 27th May.

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.

David McFarlane, CHAPS Company Manager said: "Although we have deliberately staggered the volumes that could be pushed through the new Faster Payments Service, we are really delighted that so many customers have made use of this new payments system in its first few days of rollout. We hope that this has set us on course for more of the same and that by the end of the year we'll see the vast majority of internet, phone and standing orders moving faster. Of course, until the Service has been fully rolled out, any payments not using this new system will continue to be made over the existing three-day system. In the meantime if the timing and speed of any payment is important, it's always best to double check what system your bank will use as well as following the instructions on the back of bills from any bill provider."