Thursday, May 19 2022

The Bank of London, the world’s first purpose-built clearing agency and transaction bank, has announced that it has become a Directly Connected Settlement Participant (DCSP) to the Faster Payment System, according to a press release.

The Faster Payment System is the UK’s real-time payments infrastructure, enabling real-time payments for individuals, businesses and charities in the UK. The Bank of London will work with Pay.UK, the operator of the Faster Payment System.

Felipe Hillard, Chief Customer & Product Officer at The Bank of London, said the company’s aim 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.”

“Officially joining the faster payment system as DCSP is one of many critical steps that will fuel our vision to embed open access, remove inefficiencies, and drive choice and competition in a marketplace that, for too long, has been underserved by heritage. holders,” he said.

Meanwhile, Pay.UK’s payments director, Dougie Belmore, said joining Bank of London is “a clear example of our commitment to meeting customer needs for the benefit of the UK as a whole. “.

Read more: Firmly to use Bank of London 1-click payment

The Bank of London secured another win earlier this year as Seattle-based Firmly licensed its one-click payment patent for the cash-to-cash advertising business.

Firmly will enable merchants to offer secure one-click payment services anywhere, including on social media. Users will be able to use the checkout with different brands, reducing friction and cart abandonment.

According to Anthony Watson, Founder and Group CEO of The Bank of London, the deal will drive “the borderless economy of the future via our patented technologies”.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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