Faster payments compared to BACS can process payments in:

The statement that Faster Payments can process payments in one day is correct because the Faster Payments Service (FPS) is designed to enable near-instantaneous transfer of funds between bank accounts in the UK. Unlike BACS (Bankers' Automated Clearing Services), which typically takes three working days to clear, the Faster Payments system allows for transactions to be completed usually within a few hours, and often instantly, depending on the timing and the banks involved.

This capability is vital for businesses and consumers who require a quick turnaround for their payments, reflecting the need for speed in the modern banking landscape. In essence, faster payments meet the demand for immediacy, which distinguishes them significantly from the more traditional BACS service.