British money-transfer firm Transferwise had partnered with Raphaels Bank to get direct access to the country’s Faster Payments Service (FPS), a real-time payment system launched in 2008.
This will be for the first time that a fintech firm will gain access to the country’s payments infrastructure. The development is outcome of several initiatives taken by the country’s payment regulator Payment Systems Regulator (PSR) to open access to the UK payment systems.
Only last week, PSR said that the country’s payments infrastructure needs to undergo reform in order to boost competition and to better meet consumer needs.
TransferWise and Raphaels Bank sent their first Faster Payment as part of pre-launch test activity on the 21 July 2016.
TransferWise said its customers will benefit from Faster Payments to and from UK bank accounts later this month.
The move will enable Transferwise’s customers in the UK to send and receive money almost instantaneously and will no longer be subject to occasional bank downtime, which can delay payments.