FIS fuels Faster Payments for Raphaels Bank
Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008, stating its “aim was to improve access to the scheme”.
The bank offers a sponsorship model for “instant connectivity” between payment service providers (PSPs) and the FPS. With the FIS kit, the bank says it make this possible, and will reduce manual submissions and reconciliation processes.
The FIS reconciliation solution includes core banking, payment and connectivity solutions; and Janet Johnston, head of payment services, Raphaels Bank, says they are “scalable and flexible, making them an ideal fit for our needs”.
Faster Payments says three more PSPs, including Starling Bank, are on course to join before the end of 2016, while five fintech firms have been awarded the “trust mark” certificate required to act as a technical aggregators and provide direct technical access to Faster Payments.
“Independent research” (i.e. Accenture) commissioned by Faster Payments predicts the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20% forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.