GPF-Plus now indicates the sort codes that participate in the Faster Payments Service (FPS) with notifications residing in the Routing Attributes File. Leveraging such information, GPF-Plus can be used to further streamline payment processing.
Faster Payments Service, which launched on May 27, 2008 and is used by the majority of banks and organizations in the United Kingdom, is a banking initiative developed to significantly reduce the time it takes to complete person-to-person or business-to-business transactions from a few days to almost real-time. FPS enables banking customers to use the Internet or phone to make an electronic payment and runs alongside existing payments in schemes such as BACS and CHAPS.
âWe leave no stone unturned when it comes to increasing the value of our solutions for our customers, and GPF-Plus is no exception,â said Hugh Jones, President of Accuity. âThe time and money our customers save processing payments by using these data enhancements will be reflected in their bottom lines.â