In reply to Scott Harrison.

I think she means the UK's equivalents of ACH, which are BACS and FPS. And yes you can move money between UK banks, same day, for free. This article is a bit misleading I think. Anyone with an bank account in the UK can make pretty much instant payments, for free, via Faster Payments, using online banking or their mobile app. All PAYM does is act as a front end to link bank accounts to phone numbers. It certainly doesn't create any 'new' rails as far as I'm aware. Having said that, I'm sure it will be a success because it's backed by pretty much all the big banks in the UK.