Vocalink and Starling announce Faster Payments collaboration
27 June 2017 | 3497 views | 0
Vocalink, the international payment systems provider, has today announced that Starling Bank (“Starling”) will become a Direct Agency sponsor for Vocalink’s PayPort Service, enabling access to Faster Payments (“FPS”) for Starling Bank customers, other Financial Institutions (“FIs”) and Payment Service Providers (“PSPs”) using the Vocalink PayPort FPS Gateway.
The partnership will be instrumental in further opening up access to the UK’s payment services for challenger banks, established FIs, PSPs and corporates with customer propositions requiring access to real-time payments.
Historically, a number of barriers to entry including; cost of the technology, and a lack of access to sponsor services, prevented many businesses from accessing FPS directly. Through this collaboration with Starling, PayPort’s 24/7 managed service will enable access to FPS in a quicker, more efficient way by removing costs otherwise associated with running and maintaining in-house systems. Ultimately, this will result in higher levels of innovation, increased competition in the payments market and more choice for consumers.
As a sponsor bank, Starling will authorise and settle transactions for organisations who want to connect quickly to FPS as a Direct Agency.
This partnership also extends Starling’s existing relationship with Vocalink, as the first mobile-only challenger bank to partner with Vocalink’s Pay by Bank app in May 2017.
Paul Stoddart, CEO at Vocalink, commented: “We are delighted to be working with Starling Bank to offer financial services providers - and their customers - simple and secure access to the UK payments infrastructure through our PayPort product.”
Julian Sawyer, COO at Starling Bank said: “Starling Payment Services has been created to provide Sponsor services to Faster Payments. Increasing competition in the market is a key driver and we are delighted to be working with Vocalink and PayPort customers to open up access to the wider banking community. The combination of expertise and enhanced technology will offer clients real-time access to Faster Payments, increasing their competitiveness and value within the market.”