London Block Exchange Gives Users Access to the Faster Payments Service

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.”