This collaboration will enable access to the Faster Payments Scheme for a number of UK financial institutions, including challenger banks.
As a member of the Faster Payments Scheme, Raphaels Bank will be able to provide other payment service providers with access to the UK’s core payments infrastructure through VocaLink’s PayPort service.

John Box, Head of Strategic Partnerships at Raphaels Bank Payment Services said: “Raphaels recently announced its intention to become a member of the Faster Payments Scheme. Our direct participation will allow us to offer sponsorship to other financial institutions and payment service providers who wish to access the scheme via our membership*.”

Raphaels Bank represents the first newly announced member of the scheme since 2008, opening up access to other financial institutions and providing their customers with 24/7 real-time payments, powered by VocaLink.

Jim Wadsworth, Product Director, VocaLink, added: “The collaboration marks a significant development for the retail banking sector. We are delighted to be working with Raphaels Bank to offer financial services providers - and their customers - simple and secure access to the UK payments core infrastructure.”

VocaLink and Raphaels Bank announced their collaboration at the ‘Shaping the Future of Banking’ event on 21 January 2016 in Stockholm, where Jim Wadsworth and John Box were on the panel: “Partnering for success: how can banks and third-party suppliers work together to mutual advantage?”