Faster Payments
At some point in 2008/9, UK Faster Payments Service (FPS) will be available through your existing Bank and BACS Solutions using Secure-iP. This new facility is similar to but separate from BACS and CHAPS and will increase the speed of UK Credit transfers, enabling organisations to send same day single payments, below £10,000, at a lower cost than is currently available.
APT will keep you up to date with amendments to Connect iP as and when information is available from BACS.
It is likely that significant changes will need to be put in place with business’ current payment systems. As credits made through the service are irretrievable it is imperative that account number and sort code details for Faster Payment submissions are correct.
APT’s Online Validata Service provides up to date industry sort code directory details to support this requirement..
SEPA (European Payments)
The Eurosystem has a vision for the Single Euro Payments Area (SEPA): a euro area in which all payments are domestic, where the current differentiation between national and crossborder payments no longer exists. This means that the SEPA project not only aims to improve the efficiency of cross-border payments. It also aims to develop common instruments, standards, procedures and infrastructures in order to foster substantial economies of scale.