Two FinTech companies are the first of their kind to gain accreditation for Faster Payments’ access through the New Access Model.
The distinction from U.K.’s Faster Payments was given to FIS and PayPort by VocaLink, which have been awarded the new certificate of technical accreditation. To do so, the companies passed the necessary tests to cover the origination and receipt of payments by a direct participant of Faster Payments.
“Our new technical accreditation service marks another big step forward in leveling the playing field for access to the world-leading Faster Payments service, by stimulating the market for FinTechs offering services through our New Access Model,” said Craig Tillotson, CEO of Faster Payments.
“The launch of this service is the latest demonstration of the traction being achieved by the Faster Payments access program. We are delighted that two vendors have already achieved the accreditation standard; with several more close to completion, a competitive market for technical aggregation services is assured to swiftly become a reality,” he continued.