Raphaels Bank has partnered with financial services technology firm FIS to use its reconciliation solution to help extend access to faster payments.

Earlier this year, Raphaels Bank became the first new member of the Faster Payments Scheme (FPS) since its inception in 2008. Access to FPS had previously only been open to authorised credit institutions, or those with banking licenses, meaning that many smaller FinTech innovators had been unable to provide their customers with faster payments.

The sponsorship model offered by Raphaels Bank will combine instant connectivity between payment service providers (PSPs) and FPS with outsourced settlement, opening up access to the growing FinTech and payments industry.

Janet Johnston, head of payment services at Raphaels Bank, said: “Raphaels is delighted to be partnering with FIS to enable further access to Faster Payments. The demand for access to real-time payments is huge and research by Faster Payments suggests the market is likely to treble in the next five years.”

Marianne Brown, chief operating officer of institutional and wholesale at FIS, added: “New regulatory requirements compound the need for banks to understand their intra-day cash positions. Fortunately, innovation will continue to characterise the payments space, move the industry towards an immediate payments reality, and provide banks with greater operational insight while meeting growing customer demand for faster payment services.”

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