Faster PaymentsRSS

UK’s Faster Payments Scheme seeks tenders for infrastructure competition

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The UK’s Faster Payments Scheme (FPS) is asking for expressions of interest for the renewal and management of its infrastructure – the services that enable the nation’s 24/7 real-time payment service. This is the first of a three-phase competition for the infrastructure for up to ten years. The renewal will migrate the Faster Payments Service […]

UK regulator calls for more competition in payments

PSR calls for more competition in payments

The UK needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator (PSR).

Corporate One Federal Credit Union tests real-time payments with D+H

Corporate One FCU

North American banking and payments tech vendor DH Corporation (D+H) is helping Corporate One Federal Credit Union move to real-time payments. Corporate One FCU is using D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments network.

The Fed highlights progress toward faster, safer payments

Real-time payments system step closer in the US

The Federal Reserve’s plan to improve the speed, efficiency and security of the US payments system has made significant strides toward those goals, but there’s more work to do, according to the Fed’s latest progress report on the initiative.

Starling Bank first digital challenger to join Faster Payments

starling bank

UK-based Starling Bank has become the “first of the digital-only challengers” to join Faster Payments this week. It is the 13th direct participant of the Faster Payments Scheme, and Starling says its customers will be able to see where their money is flowing and when in real-time, 24/7. Joining the board of Faster Payments, Julian […]

Metro Bank joins Faster Payments Scheme

Metro Bank joins Faster Payments Scheme

UK-based Metro Bank says it has become the first high street bank to join the Faster Payments Scheme (FPS) since its launch.

Metro Bank, SETL and Deloitte explore blockchain for consumer payments

Blockchain

SETL, Deloitte and Metro Bank say they have completed “a series of firsts”. SETL provided a contactless smartcard for digitised payments (based on blockchain), Deloitte applied its Smart Identity blockchain ID system, and Metro Bank hosted a connected client account.

FIS fuels Faster Payments for Raphaels Bank

UK-based Raphaels Bank has chosen FIS’s reconciliation solution to help extend access to Faster Payments. 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” […]

Faster Payments faces history with RBS blockchain test

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The UK’s existing Faster Payments scheme could be consigned to the slow lane as researchers at Royal Bank of Scotland (RBS) claim to have demonstrated blockchain supporting a new banking industry clearing system. In a ten-page technical paper, “Proving Ethereum for the clearing use case”, RBS’s innovation engineering team says it has created a clearing […]

Raphaels Bank joins Faster Payments

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UK-based Raphaels Bank has become the “first new fully operational participating financial provider” of Faster Payments, the UK’s 24/7 real-time payment service. The bank says it is the 12th direct participant of the Faster Payments Scheme (FPS), and the first new bank to connect directly to the payment system since it was launched in 2008. […]

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