Edenred subsidiary PPS has confirmed its direct participation in Pay.UK’s Faster Payments Scheme, which will allow it to offer real-time payments for its fintech partners.
The news comes alongside the announcement that PPS has secured a new agreement with Form3 which will provide the technical gateway for the firm to connect to the scheme via a fully managed payments technology service.
Aoife Hurley, the company’s Head of Strategic Partnerships, commented: “Becoming a member of Pay.UK’s Faster Payments Scheme and partnering with From3 are crucial moves for PPS as we continue to support leading challenger banks and fintech players across the UK and Europe.
“It’s incredibly important to be able to offer best-in-class real-time payment solutions to our customers, particularly as consumers and businesses alike demand this key service. There are many players still offering ‘batch based’ faster payments which offer a poor customer experience but our service is genuinely instant.
“I’m proud of how well PPS and Form3 have worked together to get our UK faster payment solution off the ground with Pay.UK. We have certainly got an exciting year ahead and I look forward to being able to reach more end users and grow transaction volumes with our enhanced digital banking products.”
PPS has recently been given the green light to provide local Belgian and French International Bank Account Numbers (IBANs), with more local IBAN and Single Euro Payments Area (SEPA) Instant Credit Transfer capabilities expected soon.
Adam Moulson, CCO at Form3, added: “We were chosen to become a partner to PPS due to our advanced technology, reliability, scalability and ability to address the speed of the ever-growing fintech market. To date, we have successfully collaborated by efficiently testing, integrating and migrating PPS’ platform to connect to the Faster Payments Schemes central infrastructure.
“This has enabled us to get to where we are today, providing the company with an improved working range of banking tools and putting PPS on a level playing field with some of the markets biggest names.”
Matthew Hunt, Chief Operating Officer of Pay.UK, concluded: “Gaining direct access to our Faster Payments Scheme allows payment service providers of all shapes and sizes to offer their customers the benefit of real-time payments on a 24/7 basis.
“We are delighted to welcome PPS on board as our newest direct participant, further demonstrating Pay.UK’s success in levelling the playing field on access, running a resilient payment system and helping us to enable a vibrant UK economy.”