The move will enable access to Faster Payments for Starling Bank customers, other FIs and PSPs using the Vocalink PayPort FPS Gateway.
The partnership will be instrumental in further opening up access to the UK’s payment services for challenger banks, established FIs, PSPs and corporates with customer propositions requiring access to real-time payments.
Historically, a number of barriers to entry including cost of the technology, and a lack of access to sponsor services, prevented many businesses from accessing FPS directly. This collaboration aims to offer access to FPS in a quicker, more efficient way by removing costs otherwise associated with running and maintaining in-house systems.
As a sponsor bank, Starling will authorise and settle transactions for organisations who want to connect to FPS as a Direct Agency.
This partnership also extends Starling’s existing relationship with Vocalink, as the first mobile-only challenger bank to partner with Vocalink’s Pay by Bank app in May 2017.
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