FairFX Eyes Opportunity As Conduit For Non-Bank Faster Payments Access

The latest non-bank financial institution to hook up to the UK’s Faster Payments system hopes to become a conduit for other firms looking to join the near-real time payments network.

FairFX, a provider of currency cards, travel money and cross-border payments, has become the fourth non-bank to gain direct access to Faster Payments (FPS) since regulators rolled out a new access model last year.

The company, through its subsidiary Spectrum Payment Solutions, has been granted a settlement account with the Bank of England, affording it the same access to real-time settlements enjoyed by the major retail banks.

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