AccessPay, the payment automation and business intelligence specialist, has become one of only eight providers to secure its commitment to the Faster Payments New Access Model.
Since its introduction to the UK in 2008, Faster Payment Scheme (FPS) has gained huge momentum, as customers aspired to reduce payment processing times, from three working days using the time-honoured BACS system, to typically between a couple of minutes to a few hours.
The company has signed a letter of commitment to provide aggregation services to the new model, which will launch in December 2015 to improve the Faster Payments service.
The Faster Payments scheme currently has 11 vendors offering direct access but with only two of those providing Direct Corporate Access (DCA), corporates are severely limited in their choice of banking partners.
A further 400 Payment Service Providers (PSP) access the service through a sponsor bank, with the cost of direct access prohibitively high for many of them. The New Access Model aims to rectify these issues by creating a better way to connect to the service.
Ali Moiyed, founder and chief architect of AccessPay says: “I am extremely proud that AccessPay is one of only a few fintech vendors with the foresight to sign up to the Faster Payments new accreditation programme at such an early stage in its development.
“AccessPay is an early adopter of new technology and innovation in the payment and cash management sector, and our commitment to the Faster Payments New Access Model shows that we continue to lead the way.”
Dan Parker, New Member On-Boarding manager at Faster Payments, said: “I’m delighted to welcome AccessPay to the Faster Payments Accreditation Programme that we are launching as part of our New Access Model by the end of 2015.
“Upon completion of the accreditation programme, this will enable AccessPay to engage with a host of PSPs with the confidence that their software will be fully accredited by the Faster Payments Scheme, which we hope will in turn attract a number of new Direct Members accessing the Scheme.”
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