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: http://www.fasterpayments.org.uk/access-payments.
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.