Raphaels Bank recently announced that it was not only going to offer faster payments through the Faster Payment Scheme in the UK, but that it also is the first bank to directly connect to the service. As reported in Finance Magnates, this will open up the opportunity to sponsor other organizations into the service:
Raphaels Bank, which traces its roots back to 1787 and is one of the oldest independent banks in the UK, is the 12th direct participant of the Faster Payments Scheme, and the first new bank to connect directly to the payment system since it was launched in 2008.
Raphaels is using its participation to act as a sponsor, enabling other payment service providers (PSPs) to access true, 24/7 real-time payments via its connection.
The Brits are quite proud of their accomplishments in faster payments:
The importance of offering real-time payments is set to increase according to independent research commissioned by Faster Payments which predicts that the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20 percent forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.
Craig Tillotson, Chief Executive of Faster Payments, also commented: “I’d like to warmly welcome Raphaels Bank as a direct participant in our world-class 24/7 real-time payments system. Their membership underlines the revolutionary contribution our New Access Model is starting to make by enabling payment service providers of all shapes and sizes to offer their customers the real-time, 24/7 payments they demand.”
As the U.S. begins to roll out a variety of faster payment application, I think we would like to understand what value consumers and businesses alike derive from getting money more quickly.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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