Faster Payments Says 'Open Access' Model Ready for Take-Off

by Sarah Grotta 0

Sometimes NOT being first has its advantages. As the U.S. develops plans for faster payments platforms, it has the advantage of looking at several other models that are already functional. Every payments market has its own unique quirks, but there are still lessons to be learned from those solutions already in market. Finextra reported on one such approach for consideration taking place in the UK to open their Faster Payments capabilities to more entities:

Open access to real-time payments in the UK is moving from concept to reality with a fifth aggregator Fintech being awarded the ‘trust mark’ certificate required to provide direct technical access to Faster Payments and four new Payment Service Providers (PSPs) scheduled to join the scheme before the end of the year.

The more open access to the Faster Payments rails is being pursued in hopes that it allows more Fintech organizations to provide solutions that more established participants might not pursue:

Faster Payments’ commitment to opening up access to its services via its new aggregator model will provide these PSPs with lower cost solutions and more choice. This will boost innovation and competition, enabling PSPs and Fintechs to offer greater payments choices to consumers and businesses, improving their payment experience and driving economic growth in the country

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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