PPS, formerly PrePay Solutions, and a subsidiary of Edenred, has announced its direct participation in Pay.UK’s Faster Payments Scheme.
The Scheme enables UK domestic mobile, telephone and standing order payments to move quickly and securely.
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To coincide with this, PPS has partnered with payments provider Form3 to allow PPS to connect to the scheme and provide real-time payments.
Aoife Hurley, Head of Strategic Partnerships, PPS, said: “Becoming a member of Pay.UK’s Faster Payments Scheme and partnering with From3 are crucial moves for PPS. This is because we continue to support leading challenger banks and fintech players across the UK and Europe. It’s incredibly important to be able to offer best-in-class real-time payment solutions to our customers.
“There are many players still offering “Batch based” Faster Payments which offer a poor customer experience. I’m proud of how well PPS and Form3 have worked together to get our UK faster payment solution off the ground with Pay.UK. We have certainly got an exciting year ahead. I look forward to being able to reach more end users and grow transaction volumes with our enhanced digital banking products.”
Faster Payments Scheme
The service runs on the Faster Payments Scheme’s real-time payments infrastructure, operated by Pay.UK.
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By GlobalDataMatthew Hunt, COO, Pay.UK, said: “Gaining direct access to our Faster Payments Scheme allows payment service providers of all shapes and sizes to offer their customers the benefit of real-time payments on a 24/7 basis.
“We are delighted to welcome PPS on board as our newest direct participant, further demonstrating Pay.UK’s success in levelling the playing field on access, running a resilient payment system and helping us to enable a vibrant UK economy.”
The Faster Payments Scheme is a Financial Markets Infrastructure (FMI), providing account-to-account fund transfers.
Adam Moulson, CCO, Form3, said: “We were chosen to become a partner to PPS due to our advanced technology, reliability, scalability and ability to address the speed of the ever-growing fintech market.”
Earlier this year, PPS was approved to provide Local Belgian and French International Bank Account Numbers (IBANs). In addition, the company also has plans to provide more Local IBAN and SEPA Instant Credit Transfer capabilities soon.
