New way to access Faster Payments becomes a reality as first FinTechs gain accreditation

  • First two FinTechs gain accreditation ‘trust mark’ as technical aggregators 
  • Four more in process and expected to follow over coming months 
  • Tender for new cloud-hosted accreditation service won by Ascert Ltd, cutting the time taken to complete end-to-end tests to 15 minutes

Two FinTechs have become the first to gain accreditation to supply access to Faster Payments through the New Access Model, following an announcement today (Tuesday 29 March 2016).  

Faster Payments is delighted to announce that FIS and PayPort by VocaLink have been awarded the new certificate of technical accreditation ‘trust mark’, after passing all the required technical tests covering the origination and receipt of payments by a direct participant of Faster Payments.  

These first accredited aggregator vendors are expected to be joined over coming months by at least four other FinTechs currently in the final stages of testing, all competing to offer services to more than a dozen interested payment service providers (PSPs). A number of challenger banks are also lined up to connect directly this year – including Raphael’s Bank and a variety of small and larger players, some of which are still going through the process of gaining their banking licence. 

The accreditation process was carried out using a newly created cloud-hosted technical accreditation service. The new process means it is possible for aggregators to complete end-to-end accreditation tests in just 15 minutes. The latest developments are key components in Faster Payments’ wider agenda of simplifying access to the scheme, by assisting potential new direct participants in their choice of technical partner. 

Craig Tillotson, Chief Executive of Faster Payments, 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. 

“The launch of this service is the latest demonstration of the traction being achieved by the Faster Payments access programme. We are delighted that two vendors have already achieved the accreditation standard; with several more close to completion, a competitive market for technical aggregation services is assured to swiftly become a reality. 

“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.”

Marc Terry, Managing Director EMEA, FIS said:

“The creation of the technical accreditation service is a very positive step taken by Faster Payments. FIS is naturally pleased to be one of the first FinTechs to have successfully passed accreditation and to now have tangible acknowledgement of the functional compliance of our product.”

Jim Wadsworth, Product Director at VocaLink, said:

“VocaLink 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. PayPort’s technical accreditation is a key step on the journey towards achieving Faster Payments access for all financial institutions, regardless of size. In addition, we are very proud to be one of the first FinTech companies to be awarded the certification, after passing what was a very rigorous technical accreditation.”

The cloud hosted technical accreditation facility is offered by Ascert Limited on behalf of the Faster Payments Scheme as a way for FinTechs offering gateway solutions, software or third party hosted aggregator services to provide evidence that their product meets the Scheme’s technical requirements. 

Mike Wainwright, Business Development Director of Ascert, said:

“Ascert has a proven track record of providing simulation tools to both the Faster Payments scheme operator and a number of existing direct participants. The development and implementation of the cloud hosted technical accreditation service will enable FinTechs to test their products at will and ensure their product versions continue to be scheme accredited.”

The Faster Payments 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.

Any PSPs interested in gaining access to the Faster Payments Service can find out more on the Faster Payments website: