Except it's not, as I'm just initiating a normal online payment through my online banking, and the recipient receives it (usually) close to instantly. Giving c

Except it's not, as I'm just initiating a normal online payment through my online banking, and the recipient receives it (usually) close to instantly. Giving cash to a friend still requires me to withdraw the cash from an ATM, pass it to the friend, who then needs to deposit it using a deposit ATM or visit his branch. One involves a few clicks on your online banking website, the other requires a much longer process. The backend company isn't really relevant, what is relevant is that 'Faster Payments' has been used as a marketing term for 'near instant bank transfers' that transparently use FPSL as a backend. Not at all equivalent.