VocaLink has launched PayPort, an end-to-end service that offers banks and other financial institutions fast, efficient and secure access to Faster Payments without the cost of introducing a new technology infrastructure.
PayPort is one of the very first platforms to be accredited under the FPSL’s new Access Model and will
help facilitate a level playing field between larger established financial institutions and up and coming challenger banks.
It is operated as a fully managed service, meaning that institutions do not need to take on the associated costs and risks involved in introducing a major, new technology infrastructure. This allows them to focus on their own business and customer priorities, whilst also ensuring that real-time payments can be made more easily.
“Our new technical accreditation service marks another big step forward in levelling the playing field for access to the world-leading Faster Payments service, by stimulating the market for FinTechs offering services through our New Access Model,” comments Craig Tillotson, CEO, Faster Payments Scheme Limited.
“2016 will represent a step change for PSPs looking to access the payment services their customers demand. Faster Payments is leading the way in this competitively vital area – our work on access is a critical component of our strategy to deliver the benefits of real-time payments across the whole UK economy.”