MANCHESTER, England, June 12, 2015 /PRNewswire/ --
The current Faster Payments Service has not achieved real-time capability as a payment clearing system.
As such, we live in an increasingly digital world where 'now' rather than 'soon' is the new norm.
The new Faster Payments New Access Model will help to keep the UK at the centre of the Digital and FinTech revolution on a real-time basis.
AccessPay is delighted to announce that it is engaging with the Faster Payments Scheme Ltd and that AccessPay is committed to becoming an aggregator for the Faster Payments New Access Model.
The Payment Systems Regulator's consultation has recognised the need
for broader access to the Faster Payments Service.
Bilateral discussions between Faster Payments Scheme Limited ('the Scheme') and candidate Payment Service Providers (PSPs) have revealed clear demand for access to Faster Payments in two broad segments: those requiring Immediate/ Real Time payments for their customers, and those needing Same-Day (Value-Dated) payments for their customers.
The Scheme's aim is to enable a level playing field for PSPs that want to offer Immediate/Real Time payments. The Scheme believes the challenges of accessing the service are best met through the facilitation of a competitive market in FinTech vendor operated technical aggregation services.
Faster Payments Scheme Limited is aiming its services at four key audiences:
- 'challenger' banks and non-bank PSPs considering participation;
- financial technology companies (fin-techs), who already provide, or wish to provide, payment 'aggregation' or bureau services to PSPs;
- Real Time Gross Settlement (RTGS) participants interested in providing settlement facilities to other PSPs; and
- existing Faster Payments participants who may be reviewing or considering a refresh of their current payments architecture.
The Scheme believes the New Access Model will appeal to infrastructure providers / vendors (for payments and/or banking services) and various types of PSPs.
Benefits for infrastructure providers/ vendors
The New Access Model will:
- complement existing access models into other clearings (e.g. Bacs, CHAPS, SWIFT);
- support the aspirations of their existing clients, who otherwise may look elsewhere;
- provide opportunities to engage with new clients in the UK market;
- be a first step into all clearings, where no pre-existing access services are in place; be more cost effective for banks; and
- be leveraged in other non-UK markets, as they begin to adopt real-time services.
Benefits for PSPs
The New Access Model will:
• meet increasing demand from the client base of smaller PSPs for immediate, real-time payment services that are already available to customers of existing Scheme members;
• be a more cost effective alternative to the current direct participation model;
• benefit existing members of the Scheme that are looking to re-architect their services, to take advantage of new generation solutions;
• benefit new market entrants by meeting their competitive need for access to a
comprehensive range of payment services improve choice, drive innovation, and allow PSPs to utilise a model that best meets their commercial objectives by broadening the range of vendor offerings that are available.
AccessPay currently offers an impressive range of payment and cash management products, including Faster Payments, Direct Debit Management, Bacs Payments, SEPA and Banking Connectivity. Easily installed modules give clients flexibility and control, while the cloud brings its own benefits, from minimal Capex to 'anytime, anywhere access.'
Head of Marketing - AccessPay
Phone No: +44(0)203-282-7152