Before granting FairFX access to settlement accounts at the bank, the Financial Conduct Authority (FCA) performed an extensive audit to ensure that SPS had the necessary technology, security and compliance processes to be granted this status.
As a result, the payments provider become a Direct Participant of the UK Faster Payments Scheme (FPS). FairFX’s direct connection to FPS has been enabled by the New Access Model that extended access to Real Time Gross Settlement (RTGS) accounts held at the Bank of England.
In 2018, FairFX processed more than 1 million Faster Payment transactions, which from today the Group will be able to process in real-time, according to the Finance Feeds.
Moreover, alongside this development, FairFX will own its sort code, which, in conjunction with its SWIFT membership, means it can now create IBANs for customers with no other financial institution involved in the process.
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