Raphaels Bank is the 12th direct participant of the Faster Payments Scheme, and the first new bank to connect directly to the payment system since it was launched in 2008. Raphaels is using its participation to act as a sponsor - enabling other payment service providers (PSPs) to access 24/7 real-time payments via its connection.
Customers of international payments provider TransferWise will become the first-end users to benefit from Raphaels’ Faster Payments capability, with the first TransferWise customer payments being processed in August 2016.
The importance of offering real-time payments will only increase: independent research commissioned by Faster Payments1 predicts the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20% forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now