Developing a new model for cost-effective direct access to Faster Payments

Craig Tillotson

Journal of Payments Strategy & Systems, 2016, vol. 10, issue 2, 215-224

Abstract: Faster Payments Scheme Limited is creating a new way to access the UK’s 24/7 real-time payments service, to address the corporate objective to drive a consistent and trusted experience for end customers across all directly and indirectly connected payment service providers. This paper sets out the steps that have been taken towards the introduction of a competitive market in technology vendor operated aggregation services — also known as the Faster Payments ‘New Access Model’. This new aggregator model is intended to extend the reach of true real-time payments to millions more consumers and businesses. The Scheme’s aim is to create a level playing field for any payment service providers that wants to offer real-time payments.

Keywords: real-time; aggregator; access; competition; FinTech; Faster Payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2016:v:10:i:2:p:215-224

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