PayPort by VocaLink, the comprehensive, end-to-end service that offers banks and other financial institutions fast, efficient and secure access to Faster Payments without the cost of introducing a new technology infrastructure, has gained Vendor Accreditation from Faster Payments Scheme Limited (FPSL).
PayPort is one of the very first platforms to be accredited under the FPSL’s new Access Model and will help facilitate a level playing field between larger established financial institutions and up and coming challenger banks. It is operated as a fully managed service, meaning that institutions do not need to take on the associated costs and risks involved in introducing a major, new technology infrastructure. This allows them to focus on their own business and customer priorities, whilst also ensuring that real-time payments can be made more easily.
Jim Wadsworth, Product Director, VocaLink, said: “We are committed to supporting the move towards a more open and efficient payments market that will benefit consumers, businesses and the UK economy as a whole. We are delighted to have received one of the first Vendor Accreditations from FPSL; PayPort is a key step on the journey towards achieving access to Faster Payments for all financial institutions in a competitive and open market”.
Craig Tillotson, CEO, Faster Payments Scheme Limited, said:
“Our new technical accreditation service marks another big step forward in levelling the playing field for access to the world-leading Faster Payments service, by stimulating the market for FinTechs offering services through our New Access Model.
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.”