Initially, there were few announcements regarding charges for Faster Payments it had been expected to be around £1–£5 for immediate payments by business users. For smaller organisations such as building societies and savings institutions, the service is available through agency arrangements with a direct participant. ![]() Nine banks and one building society, accounting for about 95% of payments traffic, initially committed to use the service as of May 2018 there were 21 direct participants. Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account. CHAPS, which was introduced in 1984, provides a limited faster-than-BACS service (by close of business that day) for "high value" transactions, while FPS is focused on the much larger number of smaller payments, subject to limits set by the individual banks, with some allowing Faster Payments of up to £1million. ![]() The Faster Payments Service ( FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS system. Not to be confused with Faster Payment System, a payment system in Hong Kong.
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