The partnership is the first to allow a tech company direct access to the FPS as a technology partner to a direct member. On the 21 July 2016 TransferWise and Raphaels Bank sent their first Faster Payment as part of pre-launch test activity.
TransferWise customers will benefit from Faster Payments to and from UK bank accounts. That means transfers will be processed instantly after TransferWise has received the payment from the customer’s bank.
TransferWise customers will now have an uninterrupted 24/7 payments service and no longer be subject to occasional bank downtime that can delay payments.
The integration has been made possible by the Faster Payment Scheme Limited’s (FPSL) New Access Model. This initiative is one of several championed by the Payment Systems Regulator (PSR), which was created in 2014 with the objective of opening access to UK payment systems.
Raphaels Bank will be the first new direct settling participant of FPSL since its launch in 2008, with TransferWise providing the technology for the bank’s integration.
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