{"id":331,"date":"2017-06-14T12:04:49","date_gmt":"2017-06-14T12:04:49","guid":{"rendered":"http:\/\/atwclient.co.uk\/basda-new\/?page_id=331"},"modified":"2025-12-10T19:46:52","modified_gmt":"2025-12-10T19:46:52","slug":"faster-payments","status":"publish","type":"page","link":"https:\/\/atwdev.co.uk\/basda\/basda-focus\/faster-payments\/","title":{"rendered":"Faster Payments"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_fullwidth_slider _builder_version=&#8221;4.16&#8243; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_padding=&#8221;|||&#8221; custom_padding_tablet=&#8221;|||&#8221; custom_padding_phone=&#8221;|||&#8221; box_shadow_style=&#8221;preset6&#8243; box_shadow_blur=&#8221;10px&#8221; box_shadow_color=&#8221;rgba(0,0,0,0.1)&#8221; remove_inner_shadow=&#8221;off&#8221; hide_content_on_mobile=&#8221;off&#8221; hide_cta_on_mobile=&#8221;off&#8221; show_inner_shadow=&#8221;on&#8221; button_letter_spacing_hover=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; button_text_size__hover_enabled=&#8221;off&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_text_color__hover_enabled=&#8221;off&#8221; button_one_text_color__hover_enabled=&#8221;off&#8221; button_two_text_color__hover_enabled=&#8221;off&#8221; button_border_width__hover_enabled=&#8221;off&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_border_color__hover_enabled=&#8221;off&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_border_radius__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; button_letter_spacing__hover_enabled=&#8221;on&#8221; button_letter_spacing__hover=&#8221;0&#8243; button_one_letter_spacing__hover_enabled=&#8221;off&#8221; button_two_letter_spacing__hover_enabled=&#8221;off&#8221; button_bg_color__hover_enabled=&#8221;off&#8221; button_one_bg_color__hover_enabled=&#8221;off&#8221; button_two_bg_color__hover_enabled=&#8221;off&#8221;][et_pb_slide use_bg_overlay=&#8221;off&#8221; use_text_overlay=&#8221;off&#8221; _builder_version=&#8221;4.16&#8243; header_font=&#8221;||||&#8221; body_font=&#8221;||||&#8221; background_color=&#8221;#ffffff&#8221; background_image=&#8221;https:\/\/atwdev.co.uk\/basda\/wp-content\/uploads\/2017\/06\/faster-payments.jpg&#8221; background_position=&#8221;top_left&#8221; button_icon_placement=&#8221;right&#8221; button_on_hover=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221; button_text_size__hover_enabled=&#8221;off&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_text_color__hover_enabled=&#8221;off&#8221; button_one_text_color__hover_enabled=&#8221;off&#8221; button_two_text_color__hover_enabled=&#8221;off&#8221; button_border_width__hover_enabled=&#8221;off&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_border_color__hover_enabled=&#8221;off&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_border_radius__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; button_letter_spacing__hover_enabled=&#8221;off&#8221; button_one_letter_spacing__hover_enabled=&#8221;off&#8221; button_two_letter_spacing__hover_enabled=&#8221;off&#8221; button_bg_color__hover_enabled=&#8221;off&#8221; button_one_bg_color__hover_enabled=&#8221;off&#8221; button_two_bg_color__hover_enabled=&#8221;off&#8221; sticky_transition=&#8221;on&#8221;][\/et_pb_slide][\/et_pb_fullwidth_slider][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;50px||50px|&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_margin=&#8221;0px||0px|&#8221; custom_padding=&#8221;0px||0px|&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|5px||5px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Faster Payments&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1 style=\"text-align: center;\">Faster Payments<\/h1>\n<p style=\"text-align: justify;\">The history of the Faster Payments Scheme dates back to 2000 when the government questioned the ability of the UK\u2019s clearing banks ability to operate competitively and provide innovative ways of increasing the speed with which payments could be paid and received. Enabling faster payments was identified as a priority in terms of helping UK business improve their cash-flow.<\/p>\n<p style=\"text-align: justify;\">Following a number of early initiatives, the <em>Faster Payments Scheme<\/em> was officially launched on 27 May 2008. Nearly a decade since its launch, the service remains Europe\u2019s only 24\/7 real-time payments system.<\/p>\n<p style=\"text-align: justify;\">The scheme enables mobile,\u00a0internet, telephone and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; background_image=&#8221;https:\/\/atwdev.co.uk\/basda\/wp-content\/uploads\/2017\/06\/landscapre.jpg&#8221; parallax=&#8221;on&#8221; custom_padding=&#8221;0px|0px|0px|0px&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.16&#8243; custom_margin=&#8221;0px||0px|&#8221; custom_padding=&#8221;0px||0px|&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; background_color=&#8221;rgba(46,163,242,0.75)&#8221; background_position=&#8221;top_left&#8221; custom_padding=&#8221;40px|40px|40px|40px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;current landscape&#8221; _builder_version=&#8221;4.16&#8243; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Current Landscape<\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #ffffff;\">In 2016, the number of payments processed via the scheme exceeded 1.2 billion. Q2 of 2017 saw 400 million payments processed by faster payments, a 14% increase on the amount processed in Q2 for 2016.The total amount of payments processed during this quarter was \u00a3336 billion, which is a 14% increase on 2016 Q2 &#8216;s total.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ffffff;\">With the popularity and use of the Faster Payments Scheme by UK businesses growing exponentially, financial software developers \u2013 fully supported by BASDA \u2013 have focused on developing functionality which makes it easier for accounting personnel to import payment information automatically into the systems they use.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; background_position=&#8221;top_left&#8221; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;50px||50px|&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_margin=&#8221;0px||0px|&#8221; custom_padding=&#8221;0px||0px|&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|5px||5px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Faster Payments&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2 style=\"text-align: center;\">The Faster Payments Scheme and BASDA<\/h2>\n<p style=\"text-align: justify;\">As the Faster Payments Scheme has helped companies improve their cash-flow, the ability to import payment information from a company account into the software it uses has reduced the time it previously took users to input information into their systems, helping improve efficiencies and reduce costs.<\/p>\n<p style=\"text-align: justify;\">Many of BASDA\u2019s financial software development members now provide this functionality and since the Faster Payments Scheme was introduced, we have helped businesses understand the protocols and technical requirements that enable data to flow securely from banks into accounting software systems.<\/p>\n<p style=\"text-align: justify;\">We are committed to helping our members build on the successes of the Faster Payment Scheme on the behalf of their businesses customers.<\/p>\n<p style=\"text-align: justify;\">As the scheme continues to evolve, BASDA will continue to work with the government and organisations such as the Faster Payments Scheme Company, the Payment Systems Regulator and the Payment Strategy Forum in order help shape future iterations of the initiative.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; 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button_border_color=&#8221;#25225f&#8221; button_use_icon=&#8221;off&#8221; button_text_color_hover=&#8221;#ffffff&#8221; button_border_color_hover=&#8221;#ffffff&#8221; button_letter_spacing_hover=&#8221;0&#8243; button_bg_color_hover=&#8221;rgba(37,34,95,0.78)&#8221; global_colors_info=&#8221;{}&#8221; button_text_size__hover_enabled=&#8221;off&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_text_color__hover_enabled=&#8221;on&#8221; button_text_color__hover=&#8221;#ffffff&#8221; button_one_text_color__hover_enabled=&#8221;off&#8221; button_two_text_color__hover_enabled=&#8221;off&#8221; button_border_width__hover_enabled=&#8221;off&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_border_color__hover_enabled=&#8221;on&#8221; button_border_color__hover=&#8221;#ffffff&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_border_radius__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; button_letter_spacing__hover_enabled=&#8221;on&#8221; button_letter_spacing__hover=&#8221;0&#8243; button_one_letter_spacing__hover_enabled=&#8221;off&#8221; button_two_letter_spacing__hover_enabled=&#8221;off&#8221; button_bg_color__hover_enabled=&#8221;on&#8221; button_bg_color__hover=&#8221;rgba(37,34,95,0.78)&#8221; button_one_bg_color__hover_enabled=&#8221;off&#8221; button_two_bg_color__hover_enabled=&#8221;off&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;SIG&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2 style=\"text-align: center;\">Special Interest Groups<\/h2>\n<p style=\"text-align: center;\">Established Specialist Interest Groups led by members on behalf of members addressing key issues that impact the software industry and our customers.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_3,1_3,1_3&#8243; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; 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Enabling faster payments was identified as a priority in terms of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":325,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_mo_disable_npp":"","footnotes":""},"class_list":["post-331","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Faster Payment Implications for Business Software Developers<\/title>\n<meta name=\"description\" content=\"A focus area for BASDA is obtaining faster payments online which is a current issue for business application software developers and their clients.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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