ClearBank Becomes Part Of The UK’s Faster Payments Scheme

ClearBank, the clearing bank in the U.K., announced Tuesday (March 28) it has become a direct participant of Faster Payments, the UK’s 24/7 real-time payment service.

In a press release, ClearBank said its addition into the Faster Payments Access Program is another milestone for the group, which has seen five new participants join the scheme during the course of the last year. Currently Faster Payments has 15 participants that connect directly to the payment system. There are 400 other payment service providers that are access the scheme through a sponsored bank, noted the company.

“ClearBank offers its banking services to financial service providers, FCA-regulated businesses and FinTech. As an organization we are passionate about opening access, driving choice and competition in the wider market. ClearBank is delighted to formally join Faster Payments, following several months working closely with the FPS team to ensure a smooth onboarding process. This is one of many critical milestones on our road to opening for business in the autumn,” said Nick Ogden, ClearBank executive chairman and newly appointed board member of Faster Payments Scheme Limited.

ClearBank noted a number of other payment service providers are working toward joining the Faster Payments Scheme during this year, which it says underscores Faster Payments’ commitment to creating a level playing field for access, to promote completion and ensure real-time payments are available to the most end users as possible.

“I’d like to warmly welcome ClearBank as the newest direct participant in our world-class 24/7 real-time payments system. It is great news that the customers they will be gaining as they build their new business will have complete access to the full Faster Payments Service,” said Craig Tillotson, chief executive of Faster Payments, in the same release. “Not only will this increase the number of end users who can get direct access to Faster Payments — as a new type of player in the industry, ClearBank will further diversify the business models in our direct participants, growing participation choices for future PSPs looking to gain access to our service.”