Metro Bank becomes first high street bank to join Faster Payments Scheme since its launch

London - 6 December 2016

Metro Bank, the revolutionary high street bank, has become a fully operational participating financial provider of Faster Payments, the UK’s 24/7 real-time payment service.

As the thirteenth direct participant of the Faster Payments Scheme, Metro Bank will also become the first new high street bank to enable its customers to benefit from being connected directly to the payment system, since the service was launched in 2008.

More payment service providers (PSPs) are working towards joining the service, underlining Faster Payments’ commitment to level the playing field for access, promote competition and ensure the full real-time service is available to as many end users as possible. It is expected that the number of direct participants will double over the next 18 months.

Along with the 13 participants that currently connect directly to the payment system, a further 400 PSPs access it indirectly through a sponsor bank.

Independent research commissioned by Faster Payments predicts the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20% forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.¹

Aisling Kane, Chief Operating Officer at Metro Bank, said: “I’m extremely proud of Metro Bank becoming the first high street bank to join the Faster Payments Scheme since its launch. Today’s announcement marks another important milestone in our journey to provide the British public with a true banking alternative, and as we continue to go from strength to strength, we remain as committed as ever to enhancing our customers’ banking experience.”

Craig Tillotson, Chief Executive of Faster Payments, said: “I’d like to warmly welcome Metro Bank as a direct participant in our world-class 24/7 real-time payments system – it’s great news that their customers now have complete access to the full Faster Payments Service.

“Metro Bank is the second organisation this year to join the Faster Payments Scheme. Their participation 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.”

Any PSPs interested in joining the service can find out more on the Faster Payments website.

¹ Research carried out by Accenture on behalf of Faster Payments in May 2015 estimated the growth potential for the service. Find out more in The Economics of the New Access Model.

Metro Bank offers customers:

Business and Commercial banking:

  • The bank for entrepreneurs: Metro Bank offers tailored business banking services including a full range of lending and cash management solutions, with customers supported by locally-based relationship, product and credit teams
  • A dedicated team of relationship managers provide industry-specific guidance, with sector experts covering healthcare; hospitality and leisure; property; charities and not-for-profit; inwards investment; and financial services
  • Forward thinking combined with traditional banking values gives customers a single point contact to support them with all their banking needs
  • Simple and transparent lending means customers have direct access to the bank’s underwriters

Retail banking:

  • 7 day a week store banking (8am-8pm Monday to Friday, 8am-6pm Saturday, 11am-5pm Sunday and bank holidays), 362 days of the year
  • The ultimate in new account opening convenience, with a rapid opening procedure and on the spot bank cards and cheque books (Account Opening conditions apply. All Metro Bank products are subject to status and approval.)
  • Free coin counting at every store, for customers and non-customers alike, with the Metro Bank Magic Money Machine™
  • A friendly welcome to dogs and their owners, with water bowls and dog biscuits on hand for man’s best friend - dogs rule at Metro Bank!

Private banking:

  • Private by name, personal by nature: Metro Bank Private Banking provides bespoke banking solutions for customers’ personal and commercial interests

Metro Bank operates retail hours, not banking hours. It is open seven days a week (8am- 8pm Monday to Friday, 8am - 6pm Saturday, 11am - 5pm Sunday and bank holidays), every day of the year apart from Easter Sunday, Christmas Day and New Year’s Day.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. ‘Metrobank’ is the registered trade mark of Metro Bank PLC.

We’re authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website.

All Metro Bank products are subject to status and approval.

Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.

Faster Payments is the only UK payment system available day and night, 365 days per year, supporting the demands of personal and business customers. In 2015, Faster Payments processed 1.24 billion payment transactions with a value of £1,104 billion.

The Faster Payments Scheme has 12 direct settling participants: Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks, HSBC (including first direct and M&S Bank), Lloyds Banking Group (including Lloyds Bank, Halifax and Bank of Scotland), Nationwide Building Society, Metro Bank, Northern Bank (Danske Bank), Raphaels Bank, Royal Bank of Scotland Group (including NatWest and Ulster Bank) and Santander UK. PayPal connect to Faster Payments on a direct agency basis, whilst a further 400 PSPs access the service indirectly through a sponsor bank.

Faster Payments Scheme Limited (FPSL) is an independent limited by guarantee company established in 2011. The Scheme exists to develop, operate and enhance payment services based upon a shared 24/7 real-time infrastructure. FPSL is driven by the long-term needs and aspirations of customers, businesses, government, the third sector and all types of PSPs including challengers and incumbents. The Scheme operates on a fair and equitable cost recovery basis. It does not seek to make a financial return for its guarantors.

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