To assist our regular readers we have grouped our new material onto this one page. The material can also be accessed from other parts of the site;

Faster Payments Education - the consortium behind this web site ran its first course on Faster Payments - click here if you are interested in participating in a course or would like one run for your company.

What are the plans for corporate file submission?

There is no plan for a forced migration of BACS file payments to FP because these payments do not incur float. However, there will be a couple of ways that a corporate can choose to submit a file of same day payments using the FP scheme.

1. Most member banks have a corporate electronic banking interface that can accept files of credits. Currently these would be 3-day and incur float. These will be converted to FP automatically by the bank.

2. BACS direct submitters (i.e. using the BACS TEL IP) service will be offered a very similar service but for submission to the FP scheme via a thing called Direct Corporate Access (DCA). The technical model would be very similar to your BACS TEL IP setup. The business model would also be similar with a corporate being sponsored by a member bank. This DCA proposition will not be available until 2008 whereas the member bank offering are likely to be available earlier.

Please see our Corporate FAQs for more explanation of how FP may benefit corporates and some of the changes they would have to make to benefit from FP.