Ripple partner FairFX lands settlement accounts with Bank of England to participate in UK Faster Payments Scheme

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FairFX, an e-banking, and international payments group has announced that it has been granted access to settlement accounts with Bank of England [BoE] and has become a direct partner of UK’s Faster Payments Scheme.

UK’s Faster Payment Scheme aka FPS has been growing rapidly since its inception as its the only real-time 24/7 service that is increasing in demand with respect to business and personal customers. Furthermore, the company’s direct connection to the Faster Payments Scheme has been enabled by the New Access Model that extended access to the RTGS accounts held at the Bank of England.

FariFX’s CEO, Ian Strafford-Taylor said,

“Obtaining direct membership of the Faster Payments Scheme together with settlement accounts at the Bank of England represents a major step in the progression of FairFX Group.
This development is in line with the Group’s strategy to streamline the payment supply chain, deliver lower payment processing costs, improve customer experience and facilitate product iteration.”

The efforts of the FPS is to inject more competition that will help stir growth in the payments sector, which has been overdue for a change for a very long time.

Moreover, FairFX can now directly settle payments with other members of FPS, and it is eligible to join other payment schemes in the UK like BACS, CHAPS. In 2018 alone, FairFX has processed more than 1 million FPS transactions, but after the partnership and its inductance into the FPS, it will now be able to process these transactions in real-time.

Ripple partnered with UK’s FairFX back in mid-2018, along with four other companies from around the world [RationalFX, Exchange4Free, UniPAY, and MoneyMatch]. These companies would be using Ripple’s blockchain payment solution, xVia.

xVia is an API solution enabling payment originators – those sending payments on behalf of a customer, but not actually processing and paying it out – to access and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.

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