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Bank of London joins Faster Payment System

The Bank of London, the leading-edge technology company and the world’s first purpose-built global clearing agency and transaction bank, has announced it has become a Directly Connected Settling Participant (DCSP) of Faster Payment System (FPS), the United Kingdom’s 24/7 real-time payments infrastructure. In 2021 alone, the Faster Payments System processed 3.4 billion payments (an increase of 20% from 2020), with a value of £2.6 trillion (an increase of 24% from 2020).

The Bank of London and Pay.UK (the operator of the FPS) are committed to levelling the playing field for access, promoting competition and ensuring that the full real-time service is available to as many end-users as possible, the bank stated. 

Felipe Hillard, Chief Customer & Product Officer, UK, Bank of London, said: “The Bank of London’s goal is to be the preeminent banking partner for institutions with cross-border needs and to leverage our unique patented technologies to become a global leader in banking-and-compliance-as-a-service – powering our clients and partners to drive the next wave of financial innovation. Formally joining the FPS as a DCSP is one of the many critical milestones that will power our vision of embedding open access, removing inefficiencies, and driving choice and competition in a market that for far too long has been poorly served by the heritage incumbents”. 

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