The company is one of only eight accredited Fintech vendors to have signed a Letter of Commitment to provide aggregation services. The Faster Payments Scheme currently has 11 participants who connect directly to their service. With only 2 of 11 participants offering Direct Corporate Access (DCA) to Faster Payments, corporates wishing to submit payments files by FPS are limited in their choice of banking partners.
In addition to the direct access members, 400 Payment Service Providers (PSPs) access the platform indirectly through a sponsor bank. The cost of being a direct member is unduly high for many PSPs, who are also increasingly demanding a real-time 24/7 service. To deal with these issues, Faster Payments is launching its New Access Model in December 2015, offering a new way to connect to the service.
The Faster Payments New Access Model will give technical access to PSPs, enable Fintech vendors to offer technical aggregation services and provide single or multiple clients with a managed solution.
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