The Bank of London, the leading-edge technology company and the world’s first purpose-built global clearing, agency, and transaction bank, announces it has become a Directly Connected Settling Participant (DCSP) of the Faster Payment System, the UK’s 24*7 real-time payments infrastructure.
The Faster Payment System is a 24h, 365 days per year service, supporting the demands of the UK’s economy. The service enables real-time payments for millions of individuals, businesses and charities across the UK. In 2021 alone, the Faster Payments System processed 3.4 billion payments (an increase of 20% from 2020), with a value of £2.6 trillion (an increase of 24% from 2020).
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The Bank of London and Pay.UK (the operator of the Faster Payment System) are committed to levelling the playing field for access, promote competition and ensure the full real-time service is available to as many end users as possible. Since its inception in 2008, the Faster Payment System has been joined by a number of other DCSP’s, several non-bank Payment Service Providers, and hundreds more who access the system indirectly through a sponsor bank, such as The Bank of London.
Felipe Hillard, Chief Customer & Product Officer, UK of The Bank of London, said: The Bank of London’s goal is to be the preeminent banking partner for institutions with cross-border needs, and to leverage our unique patented technologies to become a global leader in banking-and-compliance-as-a-service – powering our clients and partners to drive the next wave of financial innovation. Formally joining the Faster Payment System as a DCSP is one of the many critical milestones that will power our vision of embedding open access, removing inefficiencies, and driving choice and competition in a market that for far too long has been poorly served by the heritage incumbents”.
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Dougie Belmore, Chief Payments Officer of Pay.UK, said:
“It’s great news that The Bank of London has joined the Faster Payment System, giving their customers access to our world-class 24/7 real-time payments system. At Pay.UK we are continually looking to improve our payment systems for the benefit of end users, and The Bank of London joining is a clear example of our commitment to meet customer needs for the benefit of the UK as a whole.”
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