What is the purpose of encryption in Faster Payments?

Encryption plays a crucial role in Faster Payments by securing sensitive data during transmission. By encoding information into an indecipherable format, encryption ensures that only authorized parties can access or understand the data. This is vital in protecting personal and financial information from unauthorized access, fraud, and cyber threats. In the context of Faster Payments, where real-time transactions occur, maintaining the integrity and confidentiality of transaction data is paramount.

While other aspects like transaction speed, user experience, and processing fees are important considerations in the broader realm of payments, they do not specifically relate to the fundamental function of encryption. The primary goal of encryption is to safeguard data integrity and confidentiality, thereby fostering trust in electronic payment systems.