Raphaels Bank announced today that it has become the first new fully operational participating financial provider of Faster Payments, the UK’s 24/7 real-time payment service.
Raphaels Bank, which traces its roots back to 1787 and is one of the oldest independent banks in the UK, is the 12th direct participant of the Faster Payments Scheme, and the first new bank to connect directly to the payment system since it was launched in 2008.
Raphaels is using its participation to act as a sponsor, enabling other payment service providers (PSPs) to access true, 24/7 real-time payments via its connection.
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Customers of international payments provider, TransferWise, will become the first-end users to benefit from Raphaels’ Faster Payments capability, with the first TransferWise customer payments being processed in August 2016.
Miles Roberts, Chief Executive of Raphaels Bank, said: “Raphaels is enormously proud to be the first new member of Faster Payments since its inception in 2008, a clear demonstration of our commitment to enabling innovation in payments and opening up access to the expanding Fintech and Payments industry.”
The importance of offering real-time payments is set to increase according to independent research commissioned by Faster Payments which predicts that the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20 percent forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.
Craig Tillotson, Chief Executive of Faster Payments, also commented: “I’d like to warmly welcome Raphaels Bank as a direct participant in our world-class 24/7 real-time payments system. Their membership underlines the revolutionary contribution our New Access Model is starting to make by enabling payment service providers of all shapes and sizes to offer their customers the real-time, 24/7 payments they demand.”