Raphaels Bank has partnered with UK-based payment systems provider VocaLink to help British financial providers, including challenger banks, gain access to the Faster Payments Scheme.
The collaboration will allow the British lender to offer other payment service providers access to the UK core payments infrastructure through VocaLink’s PayPort service, VocaLink said in a statement.
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The partnership makes Raphaels Bank the first newly announced member of the scheme since 2008, the payment provider added.
Raphaels Bank payment services head of strategic partnerships John Box said: "Our direct participation will allow us to offer sponsorship to other financial institutions and payment service providers who wish to access the scheme via our membership."
VocaLink product director Jim Wadsworth said: "The collaboration marks a significant development for the retail banking sector and we are delighted to be working with Raphaels Bank to offer financial services providers – and their customers – simple and secure access to the UK payments core infrastructure."
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