Organisation of FPS
APACS was responsible for the development and delivery of Faster Payments, but after May 2008 transferred day-to-day operations and management of the service to the CHAPS Clearing Company (a member-based organisation responsible for the CHAPS sterling high-value same-day payment system.) Towards the end of 2011 Faster Payments Scheme Limited (a member-based organisation) was set up to separate out the day to day operations and management of the service from CHAPS
The design of Faster Payments was a joint project between Immediate Payments Ltd. (IPL), APACS and the founder members, based on a commitment made to the OFT Payment Systems Task Force in 2005. IPL, a VocaLink company, supplies the central network for the service.
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Famous quotes containing the words organisation of and/or organisation:
“It is because the body is a machine that education is possible. Education is the formation of habits, a superinducing of an artificial organisation upon the natural organisation of the body.”
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“It is because the body is a machine that education is possible. Education is the formation of habits, a superinducing of an artificial organisation upon the natural organisation of the body.”
—Thomas Henry Huxley (1825–1895)