The New Access Model service defined in their recently launched whitepaper seeks to catalyse market amongst technology vendors to offer access to payment service providers.
Faster Payments currently has 10 participants who connect directly to the service, while a further 400 PSPs access the service indirectly through a sponsor bank.
Faster Payments Service is a UK banking initiative to reduce payment times between different banks customer accounts from three working days using the long-established BACS system, to a few hours.
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