Raphaels Bank to sponsor faster payments access for challenger banks and payments service providerFIS has been selected by Raphaels Bank, one of the UK’s oldest independent banks and a leader in payments innovation, to use the FIS Reconciliation Solution to help extend access to faster payments.
Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008, stating its aim was to improve access to the scheme. Access to FPS had previously only been open to authorised credit institutions, or those with banking licenses. This meant that many smaller FinTech innovators had been unable to provide their customers with faster payments.
The sponsorship model offered by Raphaels Bank will combine instant connectivity between payment service providers (PSPs) and FPS with outsourced settlement, opening up access to the growing FinTech and payments industry.
The FIS Reconciliation Solution is now a key component of the FIS UK banking solution ecosystem, which includes core banking, payment and connectivity solutions. This innovative area of banking is taking off globally – with new, instant payment schemes being created in Australia, Europe and the United States, and with existing schemes, such as UK Faster Payments, evolving to meet market demands.
Marianne Brown, chief operating officer, Institutional and Wholesale, FIS, said:
“The growing pressure for increased speed in payments creates significant challenges for banks as they address their customers’ demands. New regulatory requirements compound the need for banks to understand their intra-day cash positions. Fortunately, innovation will continue to characterise the payments space, move the industry towards an immediate payments reality, and provide banks with greater operational insight while meeting growing customer demand for faster payment services.
“Raphaels Bank, with support from our Reconciliation and liquidity monitoring Solution, is innovating to deliver access to instant payments to more customers than ever. As proud innovators, we’re delighted to see our Reconciliation Solution included in Raphaels Bank’s FIS solution suite.”
Janet Johnston, head of Payment Services, Raphaels Bank, said:
“Raphaels is delighted to be partnering with FIS to enable further access to Faster Payments. The demand for access to real-time payments is huge and research by Faster Payments suggests the market is likely to treble in the next five years. We have a long-standing reputation for enabling innovation in payments and the solutions provided by FIS are scalable and flexible, making them an ideal fit for our needs.”