The history of the Faster Payments Scheme dates back to 2000 when the government questioned the ability of the UK’s clearing banks ability to operate competitively and provide innovative ways of increasing the speed with which payments could be paid and received. Enabling faster payments was identified as a priority in terms of helping UK business improve their cash-flow.
Following a number of early initiatives, the Faster Payments Scheme was officially launched on 27 May 2008. Nearly a decade since its launch, the service remains Europe’s only 24/7 real-time payments system.
The scheme enables mobile, internet, telephone and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day.
In 2016, the number of payments processed via the scheme exceeded 1.2 billion. Q2 of 2017 saw 400 million payments processed by faster payments, a 14% increase on the amount processed in Q2 for 2016.The total amount of payments processed during this quarter was £336 billion, which is a 14% increase on 2016 Q2 ‘s total.
With the popularity and use of the Faster Payments Scheme by UK businesses growing exponentially, financial software developers – fully supported by BASDA – have focused on developing functionality which makes it easier for accounting personnel to import payment information automatically into the systems they use.
The Faster Payments Scheme and BASDA
As the Faster Payments Scheme has helped companies improve their cash-flow, the ability to import payment information from a company account into the software it uses has reduced the time it previously took users to input information into their systems, helping improve efficiencies and reduce costs.
Many of BASDA’s financial software development members now provide this functionality and since the Faster Payments Scheme was introduced, we have helped businesses understand the protocols and technical requirements that enable data to flow securely from banks into accounting software systems.
We are committed to helping our members build on the successes of the Faster Payment Scheme on the behalf of their businesses customers.
As the scheme continues to evolve, BASDA will continue to work with the government and organisations such as the Faster Payments Scheme Company, the Payment Systems Regulator and the Payment Strategy Forum in order help shape future iterations of the initiative.
News and Insights
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Special Interest Groups
Established Specialist Interest Groups led by members on behalf of members addressing key issues that impact the software industry and our customers.
Representing and working for members from the early stages of Making Tax Digital, we aim to ensure that future regulations are appropriately influenced at government level, before official implementation, for the future benefit of our customers and members.
Representing members at Government decision making level to influence the requirements and legislation being introduced. We provide the opportunities to help influence decision making and implementation, in addition to providing foresight and product planning information vital for development road maps.
A collaborative forum where new ideas, best industry practice and marketing information to support strategic business growth applicable the B2B environment and specifically to the business software industry is shared for the benefit of members.
Focussing on matters affecting the software products that firms of accountants use and, by extension, their clients. We provide an early introduction to matters in the regulatory and compliance environment, many of which have serious strategic impacts upon software developers, their customers and their customers’ clients.
Representing members on the Operational Forum of HMRC’s Construction Industry Scheme to contribute to the discussion on the operation of the scheme and ensure software changes are prioritised and appropriately considered.
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