Final answer:
The Faster Payments Service is a UK banking initiative enabling quick electronic transfers between banks that greatly reduces payment times to seconds or minutes.
Step-by-step explanation:
The Faster Payments Service (FPS) is a banking initiative in the United Kingdom that allows for quicker electronic payments and transfers between banks. The service was introduced to reduce the payment time between different banks' customer accounts from three working days to a few seconds or minutes, even on weekends and bank holidays. FPS supports various types of payments, including one-off transfers, regular standing orders, and forward-dated payments. It has significantly improved the speed and efficiency of transactions, benefiting both consumers and businesses by providing time-sensitive payment solutions.