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Back to all Compass Plus Technologies announcements

Compass Plus achieves accreditation for Faster Payments

Compass Plus, an international provider of retail banking and electronic payments software for processors and financial institutions, has announced that it has been certified as one of only five companies to achieve aggregator accreditation for Faster Payments in the UK. Faster Payments is a system that enables customers in the UK to make secure and fast automated payments via mobile, internet, telephone or standing order 24/7/365 at the touch of a button.

The software provider’s open development payments platform, TranzAxis, was certified by Faster Payments Scheme Limited (FPSL), the operator behind Faster Payments, after successfully completing a series of technical tests required by FPSL for its New Access Model. Compass Plus chose Ascert Limited to support the testing.

This accreditation means that Compass Plus will now be able to offer TranzAxis as a Faster Payments software gateway to aggregators and those Payment Service Providers (PSPs) that require direct access to Faster Payments’ Central Infrastructure.

Mike Banyard, Head of Development at Faster Payments, said: “Customer demand for real-time payments means the importance of opening up access to our world-leading service has never been more important. We are pleased to welcome Compass Plus as the latest FinTech to achieve the accreditation standard – they will play a vital role in stimulating competition by providing more choice for payment service providers in how to access Faster Payments.”

Mike Wainwright, Business Development Director at Ascert UK said: “Compass Plus were one of the first FinTechs to take up the cloud based FPS Accreditation service provided by Ascert. The Ascertified cloud based testing system enabled them to successfully complete their own functional testing as well as the formal accreditation with minimal support required from us.”

Darren Busby, Associate VP & Business Development Director at Compass Plus said: “Access to real-time payments will be a benefit for businesses and consumers alike so we are particularly proud to be one of the first vendors awarded the Faster Payments ‘trust mark’ certificate. The certification demonstrates our ongoing commitment to innovation and future-proofing our customers’ business.”

Faster Payments Scheme Limited (FPSL) is the company that enables mobile, internet, telephone and standing order payments to move quickly and securely, almost at the touch of a button, 24 hours a day. At its launch in 2008, Faster Payments was the first new payments service to be introduced in the UK for more than 20 years.

Compass Plus provides comprehensive, fully integrated and flexible payments software and services that help financial institutions and payment service providers meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalisation centres in countries across Europe, Asia, Africa, the Middle East, North and South America. With more than 25 years’ experience, Compass Plus helps build and manage all-scale electronic payment systems that generate new revenues and improve profits for its customers.