Faster Payments to ease access for PSPs and tech companies

Faster Payments to ease access for PSPs and tech companies

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.

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.”

Comments: (2)

A Finextra member
A Finextra member 08 December, 2014, 13:31Be the first to give this comment the thumbs up 0 likes

Cruickshank review asked for this to happen in 2000. This article mau explain why :

http://www.johnkay.com/2009/06/17/the-slow-drip-of-the-faster-payments-system

 

A Finextra member
A Finextra member 09 December, 2014, 15:43Be the first to give this comment the thumbs up 0 likes

I agree with Robin : this is long overdue indeed! Smaller PSP may have lost the appetite to influence the agenda.