When was the UK's FPS launched?

The Faster Payments Service (FPS) in the UK was launched in May 2008. This initiative was significant as it introduced a real-time online payment system that allowed individuals and businesses to make and receive payments almost instantly, revolutionizing the way payments were processed in the UK banking system.

Before the introduction of FPS, traditional payment methods often took several days to clear, which posed challenges for urgent transactions. The 2008 launch marked a pivotal development in enhancing the efficiency and speed of payments, contributing to the growth of digital banking services in the UK.

This context underscores the importance of understanding the timeline of payment developments, as knowing when services like FPS were introduced can highlight shifts in payment processing technologies and customer expectations in the financial sector.