Faster Payments Service launch and upgrades in the UK (2008–2014)

1. Payments Systems Task Force announced by OFT

   Mar 15, 2004Labels: Office of, Payments Task

   • OFT Wikipedia ref

2. Industry agreement to cut clearing times

   May 24, 2005Labels: Payments Task, UK banking

   • OFT Wikipedia ref
   • Guardian

3. Voca and LINK chosen to build infrastructure

   Dec 16, 2005Labels: VocaLink, APACS

   • Global Treasurer
   • VocaLink

4. Planned launch delayed after complex testing

   Jul 13, 2007Labels: APACS, Testing

   • Banking Gateway
   • Computing

5. Faster Payments Service (FPS) goes live

   May 27, 2008Labels: Faster Payments, UK banks

   • Finextra
   • Pay UK Heritage

6. Early rollout shows partial bank readiness

   Jun 3, 2008Labels: Faster Payments, Banks

   • Global Treasurer
   • Finextra

7. Standing orders and future-dated payments enabled

   Jun 6, 2008Labels: Faster Payments, Standing Orders

   • FPS Wikipedia

8. Transaction cap increased to £100,000

   Sep 6, 2010Labels: Faster Payments, Transaction Limit

   • Global Treasurer
   • FPS Wikipedia

9. Faster Payments Scheme Limited incorporated

   Aug 24, 2011Labels: Faster Payments, Governance

   • Companies House

10. Payment Services Regulations drive standing-order migration

    Jan 1, 2012Labels: Payment Services, Standing Orders

    • FPS Wikipedia

11. Record standing-order traffic during tax-year rush

    Apr 2, 2013Labels: Faster Payments, Tax Year

    • International Finance

12. New access programme launched to widen direct participation

    Jan 1, 2014Labels: Access Programme, Faster Payments

    • Pay UK FPS

13. Paym mobile payments launched on FPS rail

    Apr 29, 2014Labels: Paym, Faster Payments

    • Payments Dive
    • Paym Wikipedia