Elavon has become the first dedicated payments provider and e-commerce business to directly connect to the Faster Payments service.

The global payments provider and subsidiary of US institution Bancorp is the latest of a new generation of payment services providers (PSPs), challenger banks and FinTechs connecting to the UK payment system.

Previously only major banks and building societies had direct access to the scheme, until the new access model - delivered in collaboration with the Bank of England, Financial Conduct Authority and HM Treasury - opened it to new players and markets.

The scheme enables merchants to receive funds to their UK bank accounts 24/7, in real-time, speeding up the existing process to receive funds, which may previously have taken up to three days to process.

As a direct participant, Elavon joins 25 participating financial organisations which can process monies up to £250,000 per transaction.

Colin Close, UK managing director at Elavon, said: “The value in offering 24/7 funding up to £250,000 in near real-time will be exciting to our customers who need to optimise their revenue streams with speed, efficiency and security.

“This capability will help us differentiate our value as a payments provider to merchants in the UK.”

John Jefferson, general manager of Faster Payments, stated that Elavon was another example of how different business models can benefit from a truly real-time payment service.

“Independently-tailored payment propositions enabled by direct access are set to make a growing contribution to a vibrant UK economy,” he added.

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