The payments provider and subsidiary of US institution Bancorp is the latest of a new generation of payment services providers (PSPs), challenger banks and fintechs connecting to the UK payment system. Previously only major banks and building societies had direct access to the scheme, until the new access model - delivered in collaboration with the Bank of England, Financial Conduct Authority and HM Treasury - opened it to new players and markets.
The scheme enables merchants to receive funds to their UK bank accounts 24/7, in real-time, speeding up the existing process to receive funds, which may previously have taken up to three days to process. As a direct participant, Elavon joins 25 participating financial organisations which can process monies up to GBP 250,000 per transaction.
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