The UK's Faster Payments scheme has issued proposals for a new access model that could open up the platform to challenger banks and technology companies who want to remain at the forefront of the real-time payments revolution.
Faster Payments currently has 10 major banking members who connect directly to the service, while a further 400 Payment Service Providers access the platform indirectly through a sponsor bank.
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.”