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

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  • Tillotson, Craig

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.

Suggested Citation

  • Tillotson, Craig, 2016. "Developing a new model for cost-effective direct access to Faster Payments," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(2), pages 215-224, June.
    • Handle: RePEc:aza:jpss00:y:2016:v:10:i:2:p:215-224
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    More about this item

    Keywords

    real-time; aggregator; access; competition; FinTech; Faster Payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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