Craig Tillotson, Chief Executive of Faster Payments said:

“Faster Payments welcomes the analysis and findings of the PSR’s report and it is particularly pleasing to note its recognition of the tangible progress made by the Faster Payments access programme over the past two years. We have engaged with more than 60 payment service providers (PSPs) and nearly 40 FinTech vendors.

“Our access programme is creating an entirely new way to access the scheme, which will extend the reach of true real-time payments to millions more consumers and businesses.

“Several accredited aggregator vendors will be in place shortly, and are already competing to offer services to more than a dozen interested PSPs. Challenger banks are lined up to connect directly this year – including Raphael’s Bank and a variety of small and larger players, some still going through the process of gaining their banking licence.

“All in all, 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.”