Faster Payments System: project launch

The Faster Payments System (FPS), launched on 28 January 2019, is set to enable individuals to make instant transfers to each other 24/7 using only a mobile phone number – regardless of in which banks the sender and recipient have their accounts.

As of today, several banks now offer FPS-based transfers to some of their customers: as they need to fine-tune their internal systems, this service is limited. 28 February is the target date for these banks to offer the service to all their customers.

At the first stage, the system will enable individuals to make transfers between their accounts and to other individuals. At a subsequent stage, the FPS is envisioned to enable citizens to make payments to legal entities, e.g. for goods and services through QR codes. This functionality is slated to become available in the second half of this year.