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Faster Payments adds first financial provider since 2008

Faster Payments adds first financial provider since 2008

(12 August 2016 – United Kingdom) Raphaels Bank has announced that it has become the first new fully operational participating financial provider of Faster Payments, a “4/7” real-time payment service in the UK.

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. The UK based bank said it is using its participation to act as a sponsor, enabling other payment service providers (PSPs) to access true real-time payments via its connection.

According to a statement provided by the bank, 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.

Miles Roberts, Chief Executive of Raphaels Bank, said: “Raphaels is enormously proud to be the first new member of Faster Payments since its inception in 2008, a clear demonstration of our commitment to enabling innovation in payments and opening up access to the expanding Fintech and Payments industry.”

Craig Tillotson, Chief Executive of Faster Payments, added: “I’d like to warmly welcome Raphaels Bank as a direct participant in our world-class 24/7 real-time payments system. Their membership underlines the revolutionary contribution our New Access Model is starting to make by enabling payment service providers of all shapes and sizes to offer their customers the real-time, 24/7 payments they demand.”

Three more PSPs, including challenger bank startup Starling Bank, are on course to join before the end of 2016, while five technology vendor have been awarded the ‘trust mark’ certificate required to act as a technical aggregators and provide direct technical access to Faster Payments.

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