The Faster Payments service launched in May 2008. From this date 13 member banks have direct connections to the Faster Payments infrastructure.
Other financial institutions, such as agency banks, may use the Faster Payment services offered by their member bank. However, from mid-late 2008 they have the option to directly initiate Faster Payments for their customers via Direct Corporate Access (DCA).
Faced with an increasingly competitive market place, Faster Payments offers agency banks the opportunity to improve customer service, differentiate their products and services, control costs and reduce risk. However, eliminating transaction errors at the point of submission is critical to providing a successful service.
Find out about how Bank Wizard and Bank Wizard for Bill Payments can help you implement your Faster Payments service.
Experian Payments UK Gateway is also being extended to provide agency banks with a single/bulk transaction gateway to the Faster Payments Service via Direct Corporate Access.
To find out more about the benefits of the UK Faster Payments service and the options available to agency banks download the UK Faster Payments: fast guide for financial institutions