Faster Payments passed one million transactions a day mark

More than half of all online banking and phone payments now processed through Faster Payments Service.

APACS, the UK payments association, has provided an update on the new Faster Payments Service as the first three months have come to an end since its phased rollout started on 27 May. The peak day so far was on 1 September when over one million payments (1,423,409) were made through the Faster Payments Service. During the first three months (27 May to the end of August) a total of 19.5 million payments were processed through the new system.

Just under two thirds (63.5 per cent) of all internet and phone payments are now processed through the new Faster Payments Service. Standing orders started to be moved across to the new system from 6 June and their volumes are expected to continue to rise slowly over the coming months as members of the Faster Payments Service increase the number of transactions they process.

The average value for phone and internet payments has increased substantially; more than doubling from the 2007 average value of £303 to £786 per payment.

David McFarlane, CHAPS Company Manager said: "The first three months of Faster Payments have gone extremely well. We are now expecting banks and building societies to start to press on with the rollout so that more customers can start to enjoy the benefits of this new system and for more of their payments."