Faster Payments plans to ease access for payment companies

Tuesday 9 December 2014 11:10 CET | News

Faster Payments has revealed plans to create a level playing field for any company that wants to offer payments to their customers.

The New Access Model service defined in their recently launched whitepaper seeks to catalyse market amongst technology vendors to offer access to payment service providers.

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.

Faster Payments Service is a UK banking initiative to reduce payment times between different banks customer accounts from three working days using the long-established BACS system, to a few hours.

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Keywords: Faster Payments, payment companies, whitepaper, online payments, Payment Service Provider
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce