The Faster Payments service launched with 13 member banks in May 2008. From this date, banks’ customers were able to initiate Faster Payment services via Internet and telephone banking. However, from mid-late 2008, corporate organisations have the option to directly initiate Faster Payments for their customers via Direct Corporate Access (DCA).
As consumers become more familiar with Faster Payments, organisations will face more pressure for payments to be made in near real-time. Faster Payments offers corporates the opportunity to improve customer service, differentiate their organisation and services, lower costs and reduce risk. However, as Faster Payments is irrevocable, eliminating transaction errors at the point of submission is critical to providing a successful service.
Bank Wizard identifies which bank accounts support Faster Payments, enabling you to route payments correctly. Find out how Bank Wizard can help you implement your Faster Payments service.
Experian Payments UK Gateway is also being extended to support Direct Corporate Access when it becomes available in 2008, allowing you to manage both your BACSTEL-IP and Faster Payments traffic through one solution.
To find out more about the benefits of the UK Faster Payments service to corporate organisations download the UK Faster Payments: fast guide for corporates