PPS announces its direct participation in Pay.UK's Faster Payments Scheme; partners with Form3

Tuesday 3 March 2020 12:51 CET | News

PPS has announced its direct participation in Pay.UK’s Faster Payments Scheme, the service that enables UK domestic mobile, internet, telephone and standing order payments to move quickly. 

In conjunction, PPS also announces its new partnership with Form3, a provider of cloud-native API payments technology, which will provide the technical gateway for PPS to connect to the scheme and provide real-time payments for end users.

Accessing the Faster Payments Scheme via Form3’s fully managed payment technology service allows PPS to offer real-time payments for its fintech partners. 

The news comes just as PPS is approved to provide Local Belgian and French International Bank Account Numbers (IBANs), with more Local IBAN and SEPA Instant Credit Transfer capabilities coming soon.

The service runs on the Faster Payments Scheme’s real-time payments infrastructure, operated by Pay.UK, the UK’s leading retail payments authority. The Faster Payments Scheme is a Financial Markets Infrastructure (FMI) providing UK bank, building society and non-bank payment service provider’s customers with real-time, 24×7, account-to-account funds transfers. Over 400 financial institutions use the Faster Payments System, making it available to the vast majority of current account holders in the UK.

PPS, an Edenred subsidiary, is a Mastercard Principal Member and an FCA regulated Electronic Money Institution, offering a range of services including processing, UK and SEPA banking solutions, BIN sponsorship, e-wallet provision, compliance and fraud services, supply chain management, customer services and end-to-end program design and management.

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Keywords: PPS, Pay.UK, Faster Payments Scheme, Form3, payments , real-time payments
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech