Faster Payments transforms UK banking (2008)
The UK launched its Faster Payments service, enabling near-instant bank transfers for the first time. It took years for adoption to spread, but the rail eventually became the backbone of UK retail payments.
Banks and fintechs built new services on the rail, including real-time payroll and account-to-account payments.
The rail enabled a generation of UK fintechs, including Modulr, which now holds direct access alongside the UK's other major schemes.
Shows the adoption trajectory real-time payment rails follow, and the market Modulr knows intimately as it expands to the US.
