TransferWise connects to UK Faster Payments Scheme

TransferWise founders Kristo Käärmann and Taavet Hinrikus

By Antony Peyton

TransferWise has “successfully” integrated into the UK’s Faster Payments Scheme (FPS) using ACI Worldwide’s tech at the back-end.

As Banking Technology reported in August, TransferWise became the “first” tech firm to get direct access to FPS as technical partner to Raphaels Bank. Prior to that, ACI partnered with the same bank, opening up access to FPS for financial institutions, including challenger banks and payment service providers (PSPs).

For the latest deal, Craig Saks, group president strategic products, ACI Worldwide, says TransferWise completed the onboarding process in “record time” and now connects via the New Access Model. The New Access Model initiative was created in 2014 by the Payment Systems Regulator (PSR), with the objective of opening access to UK payment systems.

Lukas May, head of banking, TransferWise, adds that ACI’s out-of-the-box solution “helped speed up” its integration with FPS, and the latter reduces its “reliance on banks for access to the ‘pipes’ of the payment system”.

Earlier this year, ACI was awarded a “trust mark” accreditation by FPS, the official recognition as one of the “technical aggregators”. Based on the New Access Model, ACI says it offers PSPs, banks and payment processors a “pay as you go” solution that manages all IT and connectivity requirements to process payments via FPS. For non-PSPs, a sponsor bank would offer settlement and liquidity services.

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