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January 4, 2019

Elavon gains access to Faster Payments

Payments provider Elavon, a unit of US Bancorp, has secured direct access to the UK’s Faster Payments scheme.

Through Faster Payments, merchants can receive funds to their UK bank accounts round-the-clock and in real-time. The amount Elavon can process per transaction has been capped at £250,000 ($316,850).

Elavon UK managing director Colin Close said: “The value in offering 24/7 funding up to £250,000 in near real-time will be exciting to our customers who need to optimise their revenue streams with speed, efficiency and security.

“This capability will help us differentiate our value as a payments provider to merchants in the UK.”

The Faster Payments service could earlier be accessed only by banks and building societies.

Around two years ago, non-bank payment service providers (PSPs) secured Bank of England’s green light to apply for a settlement account in the Real-Time Gross Settlement system. This enabled non-bank PSPs to gain access to the UK’s payment systems such as Faster Payments.

Last April, money transfer firm TransferWise became the first non-bank member to gain direct access to the Faster Payments scheme.

Faster Payments general manager John Jefferson said: “Independently-tailored payment propositions enabled by direct access are set to make a growing contribution to a vibrant UK economy.”

 

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