Faster Payments: All your web banking are belong to us

Just over a year after it first launched, the Faster Payments service has taken over the vast majority of internet and phone banking payments.

The Faster Payments service went live in May last year, after being developed as a way for banks to clear payments in a matter of hours rather than days.

In the second quarter of this year, 70 per cent of all web and phone banking transactions were made using Faster Payments, according to new figures from payments industry body the UK Payments Administration.

Half of all standing orders during the quarter were also made through the service, the organisation said.

Over the quarter, the value of transactions made through Faster Payments reached £25.1bn, a quarter-on-quarter growth rate of around 22 per cent.

The last month of the quarter, June, saw the highest volume of transactions go through the service - with more than £9.1bn processed.