BFC Bank has become a direct participant in the Faster Payments Scheme, the UK’s real-time payment service.

With participation in the Faster Payments Scheme, BFC Bank is now able to support small to medium-sized enterprises (SMEs) and payment service providers (PSPs) with their domestic payments.

BFC Bank is the 21st direct participant in the Faster Payments service. To facilitate access to Faster Payments for its clients, BFC Bank uses Vocalink’s PayPort service.

David Price, CEO, BFC Bank said: “Our participation in the Faster Payments Scheme is a crucial milestone as we prepare for a full launch in the UK this spring. We are a bank that is committed to serve SMEs and PSPs and increase their competitiveness.

“Our clients are incredibly innovative and require access to services that enable them to remain agile and build scale easily. As a direct participant in the Faster Payments Scheme our clients can make payments at the touch of a button to reach their destinations faster.”

Craig Tillotson, Chief Executive, Faster Payments, said: “Widening direct access to Faster Payments is critical to driving competition in UK banking. We welcome BFC Bank as a direct participant in our world-class 24/7 real-time payments system.

“The Faster Payments access programme has more than doubled direct participation in the system over the last eighteen months. As BFC Bank launches in the UK, it is great news for its clients, who will have unfettered access to the Faster Payments Service.”

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