The service, which Starling calls a new division of the bank, will offer sponsorship access to the UK’s payment schemes, enabling other banks, payment service providers and fintech companies to use real-time payments from the summer.
The service provides access to Faster Payments, which Starling joined in January. In terms of what Starling offers, it says all payments will be sent and received via Starling and then credited in real-time to the end-customers’ account.
The bank says its objective is to open Faster Payments to more organisations using its API-driven, real-time technology. Mastercard issuance and access to BACs, a system in the UK for direct debits and direct credits, operated by Bacs Payment Schemes, will also be provided through Starling Payment Services.
Later in 2017, Starling states that SEPA payments will become available, enabling Euro payments through its services.
More than that, in recent news, Starling teamed up with VocaLink’s Pay by Bank mobile payment app. Starling claims that the app lets customers make real-time payments directly from their existing mobile banking app on their smartphone or tablet.
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