London Block Exchange Gives Users Access to the Faster Payments Service

The FPS is used by banks in the UK for same-day clearance.

Today, London-based cryptocurrency exchange platform London Block Exchange (LBX) confirmed that it will offer its clients on-shore accounts and access to the Faster Payments Service (FPS).

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In the UK, the FPS is a payment-clearing scheme for electronic sterling payments, an initiative taken by banks to overcome the three working day clearance mechanism of the long-established BACS system. With the FPS, the electronic payments arrive at the recipient bank on the same day – as long as both the sending and the recipient banks are participating in the scheme and the payment amount falls within the scheme limit.

Banking giants like Barclays are users of the FPS.

With access to the FPS from the crypto exchange platform, users will be able to seamlessly exchange GBP to digital currencies and vice versa.

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LBX believes that the integration of the banking-grade service at the crypto exchange will create confidence among traders.

However, for the time being, only premium and pre-registered members will be offered the accounts.

Addressing the FPS support, LBX founder and CEO Benjamin Dives said: “We are creating a service where all steps of the cryptocurrency investment journey are seamless and straightforward. Crypto enthusiasts have been long calling for this, but equally, new customers will be able to find in LBX a grown up, reliable and comprehensive service that they can trust. It’s just another step in cryptocurrency’s maturation in the UK.”

Though there are some uncertainties with the cryptocurrency boom in the UK, as Brexit is approaching, Mr. Davis is optimistic about the future of digital coins and the underlying blockchain technology.

He recently told The Express: “One of blockchain’s greatest virtues is its transparency. And the benefit to ordinary consumers is comparable to the dawn of the internet – blockchain is the next evolutionary step of the internet as we know it.”

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