The existence of Faster Payments Service (FPS) demonstrates the ability of the financial sector to listen to the concerns of consumer bodies and respond to these concerns without the need for recourse to legislation. Now that FPS will be offered by some financial organizations to their customers this becomes a clear service differentiator versus non-FPS institutions. Some banks will be able to offer instantaneous funds transfers with the financial benefits and convenience this brings, whilst other banks will be tied to slower and less customer-friendly methods. This white paper describes the FPS and the impact it will have on IT systems, and illustrates the approach that needs to be taken to ensuring that the organization can participate successfully in the scheme.
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