Raphaels Bank Joins Faster Payments Opening Up Access to Fintech Sector

Raphaels Bank announced today that it has become the first new fully operational participating financial provider of Faster Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, the UK’s 24/7 real-time payment service.

Raphaels Bank, which traces its roots back to 1787 and is one of the oldest independent banks in the UK, is the 12th direct participant of the Faster Payments Scheme, and the first new bank to connect directly to the payment system since it was launched in 2008.

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Raphaels is using its participation to act as a sponsor, enabling other payment service providers (PSPs) to access true, 24/7 real-time payments via its connection.

First Customers

Customers of international payments provider, TransferWise, will become the first-end users to benefit from Raphaels’ Faster Payments capability, with the first TransferWise customer payments being processed in August 2016.

Miles Roberts, Chief Executive of Raphaels Bank, said: “Raphaels is enormously proud to be the first new member of Faster Payments since its inception in 2008, a clear demonstration of our commitment to enabling innovation in payments and opening up access to the expanding Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and Payments industry.”

Research

The importance of offering real-time payments is set to increase according to independent research commissioned by Faster Payments which predicts that the size of the UK real-time payments market is likely to almost treble in the next five years, with annualised growth of 20 percent forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.

Craig Tillotson, Chief Executive of Faster Payments, also commented: “I’d like to warmly welcome Raphaels Bank as a direct participant in our world-class 24/7 real-time payments system. Their membership underlines the revolutionary contribution our New Access Model is starting to make by enabling payment service providers of all shapes and sizes to offer their customers the real-time, 24/7 payments they demand.”