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<p>The Faster Payment Scheme (FPS) launched in 2008 and provides near-instant settlement
for over one billion payments that consumers and businesses make every year.</p><br
/><p>FPS is one of the eight payment systems regulated by the new Payment Systems
Regulator – which the Government launched in 2015, equipped with powers to ensure
that UK payment systems are competitive and innovative. A key part of the PSR’s work
is to ensure that UK payment systems work efficiently to deliver benefits for the
individuals and firms that use them.</p><br /><p>The Government is also working with
the Financial Conduct Authority’s (FCA) Project Innovate – which looks to foster and
support innovative financial technology (“FinTech”) firms, including firms that offer
customers new and efficient ways to make payments in the UK.</p>
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