Evolution of UK Faster Payments: Creating a Level Playing Field for Smaller Financial Institutions

Financial messaging and bank connectivity

September 25, 2020

The introduction of the Faster Payments Scheme (FPS) in 2008 brought customers new capabilities, delivering payments at a speed that traditional payments couldn’t. Consequently, real-time payments are becoming the norm, however many organisations suffer challenges related to the commercial viability of FPS. Daniel Bardini, Director of Financial Messaging at Bottomline discusses the access to and applicability of Faster Payments models and presents the benefits that the Indirect Agency model brings to financial institutions who have otherwise been unable to access real-time payments.

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