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FairFX Lands Settlement Accounts at Bank of England, Set to Improve Mobile Payments

February 22, 2019         By: Steven Anderson

We all want faster payments, as such are a major boost to commerce in pretty much every direction. Whether it’s our own payments going through faster or payments arriving in our pockets faster, faster payments means better commerce. That’s where recent news sent our way from FairFX comes in, as it announced that it’s just landed settlement accounts with the Bank of England through its Spectrum Payments Services (SPS) subsidiary.

With those settlement accounts comes direct access to the Faster Payment Scheme, a rapidly-growing payments scheme that’s seeing increasing demand from users thanks to its around-the-clock, real-time nature and its range of accessibility points, including through desktop and mobile devices. Getting access to these systems required SPS to undergo an extensive audit, which ensured that SPS could handle the job, including having the right technology and appropriate security measures.

FairFX, at last report, is just the fourth non-bank operation to connect to the Faster Payments Scheme, and since FairFX also has access to real time gross settlement (RTGS) accounts, FairFX can join other operations to improve payments such as the Clearing House Automated Payment System (CHAPS) or the Bankers’ Automated Clearing Services (BACS).

Regardless of which it ultimately goes with, if any, the access to Faster Payments Scheme alone will provide reduced transaction costs and the ability to better get and keep customers thanks to improvements in the customer experience. Already FairFX has processed over one million Faster Payment transactions since last year, and now thanks to the accounts, it can process these in real-time instead.

FairFX now has the necessary tools to improve its customer service and provide better outcomes for its user base. Any time a business can improve service, even if it requires a bit of a price hike, it’s not a bad idea to do so. It’s been shown in previous studies that customers will actually pay premium prices for a better experience. Not all of them, naturally, but a pretty hefty subset of the market will pay more for better treatment, and FairFX is looking to provide that kind of treatment.

FairFX’s new connections should help drive new success, and given that the company was already gaining ground, FairFX could end up a lot more popular than it expected.