The UK’s Faster Payments scheme, now in its sixth year since Faster Payments were launched as a near real time, world-class payment clearing system. The service has been a great success; annualised growth of 20% has put it tantalisingly close to 100 million payments per month – and it recently saw the 4 billionth payment processed by the service.
Now the scheme has issued proposals for a new access model that could open up the
Faster Payments sets out new access model vision
platform to challenger banks and technology companies who want to remain at the forefront of the real-time payments revolution.
The proposal to widen access comes ahead of the potential reporting requirement to the new Payment Systems Regulator on direct access in April 2015, as well as a market review into indirect access by competition authorities that could commence around the same time.
Nick Caplan, independent chairman of Faster Payments, says: “Our aim is for our world class service to be available to as many end users as possible from any of the financial organisations they choose to use. We believe our New Access Model will benefit both Payment Service Providers and technology suppliers by extending participation opportunities.”
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