22 February 2018
visit www.nextgenbanking.co.uk/

AccessPay commits to Faster Payments new access model

17 August 2015  |  3577 views  |  0 Source: AccessPay

AccessPay, the provider of payment automation and business intelligence, has announced its commitment to the Faster Payments New Access Model.

The company is one of only eight accredited fintech vendors to have signed a Letter of Commitment to provide aggregation services.

The Faster Payments Scheme currently has 11 participants who connect directly to their service. With only 2 of 11 participants offering Direct Corporate Access (DCA) to Faster Payments, corporates wishing to submit payments files by FPS are limited in their choice of banking partners.

In addition to the direct access members, 400 Payment Service Providers (PSPs) access the platform indirectly through a sponsor bank. The cost of being a direct member is unduly high for many PSPs, who are also increasingly demanding a real-time 24/7 service. To deal with these issues, Faster Payments is launching its New Access Model in December 2015, offering a new way to connect to the service.

Ali Moiyed, Founder and Chief Architect of AccessPay says: “I am extremely proud that AccessPay is one of only a few fintech vendors with the foresight to sign up to the Faster Payments new accreditation programme at such an early stage in its development. AccessPay is an early adopter of new technology and innovation in the payment and cash management sector, and our commitment to the Faster Payments New Access Model shows that we continue to lead the way.”

Dan Parker, New Member On-boarding Manager at Faster Payments, was instrumental in achieving AccessPay’s commitment to their new model. He says: “I’m delighted to welcome AccessPay to the Faster Payments Accreditation Programme that we are launching as part of our New Access Model by the end of 2015. Upon completion of the accreditation programme, this will enable AccessPay to engage with a host of PSPs with the confidence that their software will be fully accredited by the Faster Payments Scheme, which we hope will in turn attract a number of new Direct Members accessing the Scheme.”

The Faster Payments New Access Model will give technical access to PSPs, enable fintech vendors to offer technical aggregation services and provide single or multiple clients with a managed solution. It will enable AccessPay clients to achieve real-time payments in a much more cost effective manner.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.swift.com/your-needs/instant-paymentsvisit www.capgemini.com/worldreports

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10328 views comments | 15 tweets | 13 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8577 views comments | 13 tweets | 12 linkedin
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
8294 views comments | 13 tweets | 6 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
7362 views 3 | 7 tweets | 1 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7306 views comments | 8 tweets | 12 linkedin

Featured job

Basic c.£90K OTE c.£180K plus full benefits pac...
London based

Find your next job