LONDON--(BUSINESS WIRE)--VocaLink, the international payment systems provider, announced a collaboration with Raphaels Bank at the ‘Shaping the Future of Banking’ event in Stockholm. This collaboration will enable access to the Faster Payments Scheme for a number of UK financial institutions, including challenger banks.
As a member of the Faster Payments Scheme, Raphaels Bank will be able to provide other payment service providers with access to the UK’s core payments infrastructure through VocaLink’s PayPort service.
John Box, Head of Strategic Partnerships at Raphaels Bank Payment Services said: “Raphaels recently announced its intention to become a member of the Faster Payments Scheme. Our direct participation will allow us to offer sponsorship to other financial institutions and payment service providers who wish to access the scheme via our membership*.”
Raphaels Bank represents the first newly announced member of the scheme since 2008, opening up access to other financial institutions and providing their customers with 24/7 real-time payments, powered by VocaLink.
Jim Wadsworth, Product Director, VocaLink, added: “The collaboration marks a significant development for the retail banking sector. We are delighted to be working with Raphaels Bank to offer financial services providers – and their customers - simple and secure access to the UK payments core infrastructure.”
VocaLink and Raphaels Bank announced their collaboration at the ‘Shaping the Future of Banking’ event on 21 January 2016 in Stockholm, where Jim Wadsworth and John Box were on the panel: “Partnering for success: how can banks and third-party suppliers work together to mutual advantage?”
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About VocaLink
We’re VocaLink. A global payments partner to banks, corporates and governments. We design, build and operate world-class payment systems.
We believe that sustainable economies are powered by easy access to and movement of money. Our award-winning platforms and payment industry expertise make it easier for people to make payments confidently and securely. Last year we processed over 11 billion transactions with a value of £6 trillion. In the UK, we process over 90% of salaries, more than 70% of household bills and almost all state benefits. Every business and person in the UK benefits from our technology.
In the UK, our high availability, resilient payment systems power the Faster Payments Service on behalf of the Faster Payments Scheme, the Account Switching platform, Bacs and the Direct Debit Scheme. We also connect the world’s busiest network of over 70,000 ATMs through the LINK scheme.
Our proven capability of implementing real-time payment systems in the UK has led to the development of immediate payment solutions for other countries such as Singapore and the United States. Our vision is to be the leading real-time payment infrastructure provider globally, creating a positive impact on society by shaping the payments landscape worldwide.
Our approach to designing world-class payment systems is driven by the voice of our customers. Their needs are at the centre of everything we do and we strive to deliver a flawless experience every single time.
We’re VocaLink. Powering economies, empowering people.
For payment news and insight from Vocalink visit CONNECT - http://connect.vocalink.com/
About Raphaels Bank
Raphaels Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A long established independent banking house in the UK, with origins to 1787, Raphaels offers financial products for private customers including a range of savings products, in addition to being a provider of niche lending facilities through partners and brokers.
The Bank is a leading player in the payments market and issues MasterCard and VISA cards with partners in the UK and other European countries.
Also a member of the LINK ATM scheme, Raphaels has an estate of ATMs, including the London tube network, dispensing both sterling and foreign currency.
Direct Membership and Direct Agency of Faster Payments
Direct Membership – Enables a Payments Service Provider (PSP) to connect directly into the Faster Payments Infrastructure to send and receive Faster Payments. Directly connected members also perform their own settlement with the Bank of England.
Direct Agency – As above, this option allows a PSP to connect directly into the Faster Payments Infrastructure via a “sponsoring member” (i.e. someone that has Direct Membership) that in turn offers Direct Agency access to connect directly into the Faster Payments Infrastructure. The sponsoring member will also perform Bank of England settlement.
