Payment systems provider Vocalink, recently acquired by Mastercard, continues to push for quicker payment offerings. Reports said its latest focus-driven initiative involves a partnership with Starling Bank, a move to enable the bank’s customers, other financial institutions (FIs) and alternate payment service providers to access the U.K.’s Faster Payments platform.
In a recent announcement, Vocalink and Starling Bank said their partnership enables Starling to become a direct agency sponsor for Vocalink’s PayPort Service. Starling will authorize and settle transactions for businesses and FIs interested in linking into the Faster Payments scheme.
“Starling Payment Services has been created to provide sponsor services to Faster Payments,” said Julian Sawyer, Starling COO, in a statement. “Increasing competition in the market is a key driver, and we are delighted to be working with Vocalink and PayPort customers to open up access to the wider banking community. The combination of expertise and enhanced technology will offer clients real-time access to Faster Payments, increasing their competitiveness and value within the market.”
According to Vocalink and Starling, their collaboration aims to reduce barriers to Faster Payments access, which can include costs associated with in-house systems traditionally used to access the scheme. The companies said challenger banks, traditional FIs and payment service providers will enjoy ease of access to the U.K. platform with Starling as a facilitator, potentially yielding “higher levels of innovation, increased competition in the payments market and more choice for consumers.”
“We are delighted to be working with Starling Bank to offer financial service providers — and their customers — simple and secure access to the U.K. payments infrastructure through our PayPort product,” said Paul Stoddart, Vocalink CEO.
Starling Bank joined the Faster Payment scheme earlier this month through a partnership with Form3.