Future Proof Your Business - Breakfast Meeting with Vuzion
Faster Payments Fact sheet
1. Fact Sheet
Later this year, Fiserv will be launching a bureau service providing direct connectivity to the
UK Faster Payments Scheme (FPS), offering the direct access required by payment service
providers (PSP) to deliver real-time propositions to their customers.
Connectivity to UK’s Faster Payments
A Secure, Resilient and Cost-Effective Solution
for Real-Time Payments
Fiserv is enabling
payment service providers
to connect to Faster
Payments through a
fully certified, secure
aggregator that is hosted
in a Fiserv-managed
facility. During 2016,
we plan to build out
functionality to access
other UK payment
schemes, including
Bacs, CHAPS and Link,
to enable our clients
to connect to all the
payment schemes
required through a
single access point.
The Faster Payments New
Access Model
Faster Payments, was launched in May
2008 and remains the only 24/7/365
real-time service in Western Europe.
Faster Payments currently supports
transaction values up to £100 000, and
has 10 direct members, four of which
support over 350 agency banks.
The Payment Systems Regulator is
supporting the scheme’s drive to enable
greater competition and easier direct
access for all payment service providers.
To this end, FPS has initiated a programme
to implement the changes required to
implement the New Access Model.
The Fiserv Advantage
• Fiserv is building a hosted, fully certified
Faster Payments aggregator that is
secure, resilient and cost effective and
will support financial institutions seeking
a hosted solution
• The bureau will be multi-tenanted
(operating on shared hardware and
lines) and will be hosted in a Fiserv-
managed outsourced facility operating
in compliance with Faster Payments
certification requirements
• Fiserv will manage core product
development to ensure core
management overheads are minimised
• Fiserv will support individual client
interface requirements through
communication layer management on
the client side with a common interface
to Faster Payments
• Pricing will be on a competitive basis that
is tailored to meet the needs of our client
• During 2016, we plan to build out
functionality to access other UK payment
schemes (Bacs, CHAPS, and Link,
among others) to enable our clients to
connect to all the payment schemes
required through a single access point
