AccessPay, the provider of payment automation and business intelligence, has announced its commitment to the Faster Payments New Access Model. The company is one of only eight accredited fintech vendors to have signed a Letter of Commitment to provide aggregation services.
The Faster Payments Scheme currently has 11 participants who connect directly to their service. With only 2 of 11 participants offering Direct Corporate Access (DCA) to Faster Payments, corporates wishing to submit payments files by FPS are limited in their choice of banking partners.
In addition to the direct access members, 400 Payment Service Providers (PSPs) access the platform indirectly through a sponsor bank. The cost of being a direct member is unduly high for many PSPs, who are also increasingly demanding a real-time 24/7 service. To deal with these issues, Faster Payments is launching its New Access Model in December 2015, offering a new way to connect to the service.
Ali Moiyed, Founder and Chief Architect of AccessPay says: “I am extremely proud that AccessPay is one of only a few fintech vendors with the foresight to sign up to the Faster Payments new accreditation programme at such an early stage in its development. AccessPay is an early adopter of new technology and innovation in the payment and cash management sector, and our commitment to the Faster Payments New Access Model shows that we continue to lead the way.”
Dan Parker, New Member On-boarding Manager at Faster Payments, was instrumental in achieving AccessPay’s commitment to their new model. He says: “I’m delighted to welcome AccessPay to the Faster Payments Accreditation Programme that we are launching as part of our New Access Model by the end of 2015. Upon completion of the accreditation programme, this will enable AccessPay to engage with a host of PSPs with the confidence that their software will be fully accredited by the Faster Payments Scheme, which we hope will in turn attract a number of new Direct Members accessing the Scheme.”
The Faster Payments New Access Model will give technical access to PSPs, enable fintech vendors to offer technical aggregation services and provide single or multiple clients with a managed solution. It will enable AccessPay clients to achieve real-time payments in a much more cost effective manner. They will also be granted access to AccessPay’s additional value-added solution, in the form of easily installed modules, including Direct Debit Management, Bacs Payments, SEPA and Global Banking Connectivity.