Faster Payments integrates directly with banks, rather than card processors. It replaces (for transfers under £250k) the older electronic transfer system, BACS

Faster Payments integrates directly with banks, rather than card processors. It replaces (for transfers under £250k) the older electronic transfer system, BACS. Otherwise, it looks similar, although Visa/MC is an additional middleman compared to Faster Payments, which is just between the banks.