ClearBank, the first clearing bank to enter the UK market in more than 250 years, has become a direct participant of Faster Payments, the UK’s 24/7 real-time payment service.
The addition of ClearBank® is another key milestone for Faster Payments' Access Programme which has seen five new participants join the scheme in the past year. Faster Payments now has 15 participants that connect directly to the payment system, while a further 400 payment service providers (PSPs) access it indirectly through a sponsor bank.
A number of other PSPs are also working towards joining the service this year, underlining Faster Payments’ commitment to level the playing field for access, promote competition and ensure real-time, 24/7 payments are available as widely as possible to end users.
Nick Ogden, ClearBank® Executive Chairman and newly appointed board member of Faster Payments Scheme Limited, said:
“ClearBank® offers its banking services to financial service providers, FCA-regulated businesses and Fintech. As an organisation we are passionate about opening access, driving choice and competition in the wider market. ClearBank® is delighted to formally join Faster Payments, following several months working closely with the FPS team to ensure a smooth onboarding process. This is one of many critical milestones on our road to opening for business in the autumn.”
Craig Tillotson, Chief Executive of Faster Payments, said:
“I’d like to warmly welcome ClearBank as the newest direct participant in our world-class 24/7 real-time payments system. It is great news that the customers they will be gaining as they build their new business will have complete access to the full Faster Payments Service.
“Not only will this increase the number of end users who can get direct access to Faster Payments – as a new type of player in the industry, ClearBank will further diversify the business models in our direct participants, growing participation choices for future PSPs looking to gain access to our service.”
Contributed | what does this mean?