UK-based Raphaels Bank has selected FIS' reconciliation solution to extend access to Faster Payments.

The British lender became a member of Faster Payments Scheme (FPS) early in 2016, stating that it aimed to increase access to the payments scheme that was earlier restricted to only authorised credit institutions, or banking license holders.

The lender offers a sponsorship model that integrates instant connectivity between payment service providers (PSPs) and FPS with outsourced settlement.

The FIS reconciliation solution includes core banking, payment as well as connectivity solutions.

Raphaels Bank head of payment services Janet Johnston said: “Raphaels is delighted to be partnering with FIS to enable further access to Faster Payments. The demand for access to real-time payments is huge and research by Faster Payments suggests the market is likely to treble in the next five years.

“We have a long-standing reputation for enabling innovation in payments and the solutions provided by FIS are scalable and flexible, making them an ideal fit for our needs.”

FIS COO of institutional and wholesale Marianne Brown added: "Raphaels Bank, with support from our Reconciliation and liquidity monitoring Solution, is innovating to deliver access to instant payments to more customers than ever. As proud innovators, we’re delighted to see our Reconciliation Solution included in Raphaels Bank’s FIS solution suite.”