GLOSSARY

FPS (Faster Payment System)

FPS definition

The Faster Payment System (FPS) is a UK payment scheme that enables businesses, individuals, and institutions to send and receive sterling payments in near real time, 24/7. Transactions are typically processed within seconds, making FPS one of the fastest domestic payment systems in the world.

Launched in 2008 to speed up traditional bank transfers in the United Kingdom, FPS is operated by Pay.UK and is supported by most major banks and payment providers. The service is available for payments up to a certain transaction limit. Today, FPS covers the majority of UK domestic payments between bank accounts, including business-to-business, consumer, and government transactions.

Good to know for SMEs and beyond

For SMEs, FPS offers a significant advantage: instant access to incoming funds, which improves cash flow management. It also reduces reliance on slower and often more expensive alternatives, such as traditional bank transfers or cheques. Thanks to its 24/7 availability, FPS supports businesses in reacting quickly to financial obligations and opportunities.

How to avoid high transaction fees?

With amnis, companies can gain access not only to FPS but also to other local payment schemes worldwide, all through a single multi-currency account. This eliminates the need to maintain multiple banking relationships in different countries. Using amnis, businesses can hold and manage over 20 currencies, open local IBAN accounts in key markets, and streamline international payments at lower costs.

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Explore related topics

ACH

ACH, or Automated Clearing House, is a local payment route in the United States that facilitates electronic money transfers between banks. It requires a local bank account or the use of local payment providers. ACH payments enable financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard. It’s commonly used for direct deposits, bill payments and other bank-to-bank transfers within the United States.

ACH payment

ACH payments are processed through the local ACH network in the United States, requiring a local bank account or the use of local payment providers. This method allows financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard.

Balance of payments

The balance of payments is a financial statement that summarizes all economic transactions between a country and the rest of the world over a specific period. It records trade in goods and services, cross-border investments, and financial transfers. A positive balance indicates that a country exports more than it imports, while a negative balance shows the opposite.

Bank transfer

A bank transfer refers to the electronic transfer of money from one bank account to another. Such transfers can take place either within the same bank or between different banks and are among the most commonly used methods worldwide for processing payments between individuals and companies.

BIC (Bank Identifier Code)

The Bank Identifier Code (BIC) is an internationally valid bank sort code defined by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Since the BIC code is issued by SWIFT, it is often also referred to as the SWIFT code.

Cashless payment

A cashless payment refers to any financial transaction where no physical cash is exchanged. Instead, the payment is processed using digital or electronic methods such as bank transfers, payment cards, mobile apps, or online platforms. It allows money to move from one account to another without the need for coins or banknotes.

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About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

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