Press Releases

11th August 2016
  • Raphaels becomes first new direct participant of scheme since launch

Raphaels Bank has today (Thursday 11 August 2016) become the first new fully operational participating financial provider of Faster Payments, the UK’s 24/7 real-time payment service. 

29th July 2016

Nick Caplan, Independent Chair of Faster Payments Scheme Limited said:
“Faster Payments welcomes the publication of the PSR’s Final Report: Market review into the ownership and competitiveness of infrastructure provision. The objectives of the review align with our own ...

21st July 2016

Craig Tillotson, Chief Executive of Faster Payments, said:

“Customer demand for real-time payments means the importance of opening up access to our world-leading service has never been more important...

13th July 2016

Craig Tillotson, Chief Executive of Faster Payments Scheme Limited (FPSL), said:
“We welcome the work of the Payments Strategy Forum regarding the publication of this first draft of the strategy for payments in the UK....

30th June 2016
  • The New Access Model has reached critical mass as a fifth Fintech gains technical accreditation, with more in the pipeline 
  • Direct participation is planned to double by the end of 2017 with four new participants already preparing to join this year
  • Bank of England new settlement policy set to further expand direct participation
29th March 2016
  • 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
11th March 2016

Craig Tillotson, Chief Executive of Faster Payments said:

“Faster Payments welcomes the analysis and findings of the PSR’s report and it is particularly pleasing to note its recognition of the tangible progress made by the Faster Payments access programme over the past two years. We have engaged with more than 60 payment service providers (PSPs) and nearly 40 FinTech vendors...

25th February 2016

Faster Payments has responded to the Payment Systems Regulator’s (PSR) publication of their provisional findings of their market review into the ownership and competitiveness of the infrastructure that supports the payments systems: 

10th February 2016
  • £146m sent since Paym launched, with more money sent since July 2015 than in the whole of the previous year
26th January 2016
  • New industry procedures mean funds can be protected to help rightful owner