What electronic payment schemes are available in the UK?

The three principal electronic payment schemes in the UK are:<br/><br/>

'Faster Payments' enables real time credits: on-line, telephone and mobile applications.<br/><br/>

'Bacs' is the scheme for regular bulk, file-based credit transfers and Direct Debits.<br/><br/>

'CHAPS' is the UK’s same day high value payment system for both wholesale and retail payments. CHAPS Payments are settled individually intraday in central bank funds.