What type of payments does FPS primarily facilitate?

The Faster Payments Service (FPS) is designed to facilitate immediate and seamless payment transactions between banks and building societies in the UK. It primarily supports both one-off payments and standing orders, allowing users to send and receive funds quickly, often in real-time. This capability is essential for businesses and individuals who need to transact efficiently without delays.

One-off payments can be used for various immediate transfers, while standing orders enable customers to set up recurring payments at specified intervals, managing bills or regular transactions with ease. The focus of FPS on rapid transaction processing positions it as a key player in the modern payment landscape, catering to the need for instant connectivity in financial transactions.

The other options do not align with the primary characteristics of the FPS. Non-urgent payments do not reflect the service's purpose, which is founded on the principle of facilitating instantaneous transactions. Similarly, payments made only during weekends or those requiring physical checks are not compatible with the core operational framework of FPS, which is designed to function continuously regardless of time and to eliminate the necessity for physical instruments in typical digital transactions.