Five million people used the real-time current account transactions service over a single day earlier this month.
Faster Payments, the recently-launched "real time" service from APACS, processed five million separate transactions in a single day last week, it has been revealed.
According to the payments association, the milestone was reached on March 2nd, with around £1 billion processed. Of the current account payments themselves, around 750,000 were "real time" phone and internet payments, while the remainder had been ordered previously and forward-dated.
This follows the launch of the service, designed to make bank transfers quicker, last May. Since then, Faster Payments has expanded its operations, passing the four million transactions a day mark in December 2008.
Record transaction days tend to happen at the turn of the month due to large quantities of standing orders being scheduled to leave accounts at these times. However, APACS figures show that there has also been an increasing number of financial services firms in the UK adopting Faster Payments, explaining the rise.
"Volumes are predicted to continue rising: it is forecast that Faster Payments will help to push volumes of interbank online, phone and standing order payments from the 2007 figure of 472 million to 622 million in 2017," the organisation said in a statement.
