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PPS Enables Instant Payments for Fintechs via UK’s Faster Payment Scheme

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Leading payment experts partner with Form3 to offer UK and European customers real-time payment

London, January – PPS, formerly PrePay Solutions, and subsidiary of Edenred, the global leader in payment solutions for the working world, has today announced its Direct Participation in the Faster Payments Scheme, the service that enables UK mobile and BACs payments to move quickly and securely.

In conjunction, PPS also announces its new partnership with Form3, a leading provider of cloud-native API payments technology, which will provide the technical gateway for PPS to connect to the scheme and provide instant payments for end users.

The service runs on Pay.UK Faster Payments real-time payments infrastructure. The Faster Payments Scheme is a Financial Markets Infrastructure (FMI) providing UK bank, building society and non-bank payment service provider’s customers with real time, 24×7, account-to-account funds transfers. Over 400 financial institutions offer the FPS, making it available to the vast majority of current account holders in the UK.

As such, the Direct Scheme Participation and partnership with Form3 means PPS has moved away from its batch faster payments system to an instant payment solution. Accessing the Faster Payments scheme via Form3’s fully managed payment technology service allows PPS to offer real-time instant payments for its fintech partners.

Aoife Hurley, Head of Strategic Partnerships, PPS, said: “Becoming a member of the UK Faster Payments Scheme and partnering with From3 are crucial moves for PPS as we continue to support leading challenger banks and fintech players across the UK and Europe. Apart from providing a best in class payment service, this positions PPS at the forefront of the accelerating trend towards secure instant payments.”

“I’m proud of how well PPS and Form3 have worked together to get our UK faster payment solution off the ground with the Faster Payments Scheme.  We have certainly got an exciting year ahead and I look forward to being able to reach more end users and grow transaction volumes with our enhanced digital banking products.”

Adam Moulson, CCO, Form3, added: We were chosen to become a partner to PPS due to our advanced technology, reliability, scalability and ability to address the speed of the ever-growing fintech market. To date, we have successfully collaborated by efficiently testing, integrating and migrating PPS’ platform to connect to the Faster Payments central infrastructure. This has enabled us to get to where we are today, providing the company with an improved working range of banking tools and putting PPS on a level playing field with some of the markets biggest names.”

The news comes just after PPS’ rebrand, marking the company’s shift from supporting not just prepaid solutions but also to working with the broader fintech market.

Pay.UK quote – “We welcome PPS to Faster Payments as a Direct participant and the latest PSP to offer a truly real-time payments service. PPS is the second launch (?) on the Faster Payments scheme during 2020 so far and several more are in the pipeline for this year and next. It further demonstrates Faster Payments’ success in levelling the playing field on access.”

The UK is a world leader in payments innovation, which is reflected in the dramatic growth in the number of UK-authorised non-bank PSPs. We’re excited to continue to welcome a diverse set of new PSPs as the Pay.UK enables a vibrant UK economy.”

For more information about PPS, visit https://prepaysolutions.com/

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