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Developing a new model for cost-effective direct access to Faster Payments
Journal of Payments Strategy & Systems,
10
(2),
215-224
(2016)
Abstract
Faster Payments Scheme Limited is creating a new way to access the UK’s 24/7 real-time payments service, to address the corporate objective to drive a consistent and trusted experience for end customers across all directly and indirectly connected payment service providers. This paper sets out the steps that have been taken towards the introduction of a competitive market in technology vendor operated aggregation services — also known as the Faster Payments ‘New Access Model’. This new aggregator model is intended to extend the reach of true real-time payments to millions more consumers and businesses. The Scheme’s aim is to create a level playing field for any payment service providers that wants to offer real-time payments.
Keywords: real-time; aggregator; access; competition; FinTech; Faster Payments
The full article is available to subscribers to the journal.
Author's Biography
Craig Tillotson is Chief Executive of the Faster Payments Scheme Limited, and also Executive Chairman of Paym, the UK cross-industry mobile payments service. Prior to these roles, Craig held board and other senior roles with Vodafone, T-Mobile and McKinsey. In 2012 he was appointed by the UK Government as a non-executive expert member of the Communications Consumer Panel and Ofcom’s Advisory Committee on the Old and Disabled. In 2014 he was appointed by the Financial Conduct Authority to the new Payments Systems Regulator statutory Panel.
