21 January 2016
VocaLink partners with Raphaels Bank on Faster Payments
VocaLink partners with Raphaels Bank to enable challenger banks to access Faster Payments.
On 21 January, both VocaLink and Raphaels Bank announced a collaboration at the ‘Shaping the Future of Banking’ event in Stockholm. VocaLink’s Jim Wadsworth and Raphaels Bank’s John Box were on the panel: “Partnering for success: how can banks and third-party suppliers work together to mutual advantage?”
During the event, the two organisations discussed their collaboration, which will enable access to the Faster Payments Scheme for a number of UK financial institutions, including challenger banks.
As a member of the Faster Payments Scheme, Raphaels Bank will be able to provide other payment service providers with access to the UK’s core payments infrastructure through VocaLink’s PayPort service. Raphaels Bank represents the first newly announced member of the scheme since 2008, opening up access to other financial institutions and providing their customers with 24/7 real-time payments, powered by VocaLink.
John Box, Head of Strategic Partnerships at Raphaels Bank Payment Services said: “Raphaels recently announced its intention to become a member of the Faster Payments Scheme. Our direct participation will allow us to offer sponsorship to other financial institutions and payment service providers who wish to access the scheme via our membership.”
Jim Wadsworth, Product Director, VocaLink, added: “The collaboration marks a significant development for the retail banking sector and we are delighted to be working with Raphaels Bank to offer financial services providers - and their customers - simple and secure access to the UK payments core infrastructure.”