AccessPay Chooses Faster Payment New Access Model
AccessPay, a provider of automated payment and business intelligence, announced its commitment to the “Faster Payments New Access Model”
AccessPay is one of the eight accredited fintech vendors to have signed a “Letter of Commitment” for aggregation services. With 11 current participants, The Faster Payments Scheme can connect with these businesses directly. Only 2 of 11 participants offer Direct Corporate Access, or DCA, to Faster Payments.
Also, 400 Payment Service Providers (PSPs) access the platform indirectly through a specific sponsor bank. Unfortunately for these PSPs, the cost of retaining direct member status is very high. This is problematic considering the vat majority of these PSPs are demanding a real-time 24/7 service.
As a solution to this growing problem, Faster Payments is launching its New Access Model in December 2015—with a new way to connect directly to the service.
The Founder of AccessPay stated, “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.”
“I’m delighted to welcome AccessPay to the Faster Payments Accreditation Program that we are launching as part of our New Access Model by the end of 2015. Upon completion of the accreditation program, 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,” said Dan Parker, New Member On-board Manager at Faster Payments.
The Faster Payments New Access Model will look to make life a whole lost easier for various PSPs in the near future.