Speed for all – Faster Payments publishes vision for a New Access Model

  • Plans aim to create a level playing field for any firm that wants to offer world-leading real time payments to their customers
  • New Access Model seeks to catalyse market amongst technology vendors to offer access to Payment Service Providers 

More challenger banks and other non-traditional players could benefit from direct access to Faster Payments, the UK’s immediate internet, mobile and phone banking payment service, through proposals for a New Access Model published today, (Monday 8 December).  

The whitepaper, Faster Payments: A Vision for a New Access Model, is aimed at:

  • Payment Service Providers (PSPs) who want to give their customers the benefit of real time Faster Payments; and
  • Financial technology companies (fin-techs) who wish to remain at the forefront of the ever expanding real time payments market. 

Faster Payments currently has 10 participants who connect directly to the service, while a further 400 PSPs access the service indirectly through a sponsor bank. 

Nick Caplan, Independent Chairman of Faster Payments, commented: 

“We live in a world where ‘some time today’ is no longer accepted, as proven by the continued rapid growth in Faster Payments – the service is now tantalisingly close to exceeding 100 million payments per month. 

“Our aim is for our world class service to be available to as many end users as possible from any of the financial organisations they choose to use. We believe our New Access Model will benefit both Payment Service Providers and technology suppliers by extending participation opportunities.” 

This announcement comes ahead of the potential reporting requirement to the new Payment Systems Regulator on direct access in April 2015, as well as the expected market review into indirect access that could commence around the same time. 

Any organisation interested in participating in shaping these proposals can contact access@fasterpayments.org.uk