The Bank of London Join UK’s Faster Payment System

The Bank of London, the first purpose-built global clearing agency and transaction bank, has announced that it has become a directly connected settling participant (DCSP) with the Faster Payment System, a press release said.

The Faster Payment System is the U.K.’s real-time payments infrastructure, allowing real-time payments for individuals, businesses and charities in the U.K. The Bank of London will work with Pay.UK, the operator of the Faster Payment System.

Felipe Hillard, chief customer & product officer with The Bank of London, said the company’s goal was “to be the preeminent banking partner for institutions with cross-border needs, and to leverage our unique patented technologies to become a global leader in banking-and-compliance-as-a-service.”

“Formally joining the Faster Payment System as a DCSP is one of the many critical milestones that will power our vision of embedding open access, removing inefficiencies, and driving choice and competition in a market that for far too long has been poorly served by the heritage incumbents,” he said.

Meanwhile, Pay.UK chief payments officer Dougie Belmore said The Bank of London joining up is “a clear example of our commitment to meet customer needs for the benefit of the U.K. as a whole.”

Read more: Firmly to Use the Bank of London’s 1-Click Checkout

The Bank of London got another win earlier this year as Firmly, a Seattle company, licensed its one-click checkout patent for ad-to-checkout commerce.

Firmly will let merchants offer secure one-click checkout services anywhere, including on social media. Users will be able to use the checkout with various brands, reducing friction and cutting down on cart abandonment.

According to Anthony Watson, founder and group CEO of The Bank of London, the deal will drive “the borderless economy of the future via our patented technologies.”