Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to typically a few hours. CHAPS already provides limited faster-than-BACS service (by close of business that day) for 'high value' transactions, while FPS is focused on the much larger number of smaller payments, subject to limits that depend on the individual banks, with some allowing Faster Payments of up to £250,000. Transfer time, while expected to be short, is not guaranteed; nor is it guaranteed that the receiving institution will immediately credit the payee's account.