Starling Bank announces it will become a Direct Member of the Faster Payments Service.
The Faster Payments Service is the UK’s 24/7 near real-time payment system enabling customers to send their money to friends and pay bills. Traditionally new bank entrants have connected to the platform via another bank – or sponsor bank
Currently, none of the next generation banks have connected directly to this real-time payment service.
We know it’s critical for us to provide the same payments experience banking customers in the UK are used to, and I’ve been asked many times about our plans for payments at Starling Bank.
I’m excited to announce Starling Bank will be the newest participant to connect directly to the Faster Payments Service. We will be the first bank in our class directly connected to the platform joining the likes of HSBC and Barclays in providing real-time payments.
As we’ve been saying for a while now, Starling Bank is being developed from scratch with a purpose-built proprietary technology stack – that’s been our development focus.
Now, Starling Bank has received its banking licence with restrictions from the regulators, and we can say with confidence we’re working with key partners like Faster Payments to ramp things up from here.
We are also excited about future innovation and direction of Faster Payments and look forward to working with the other participants in developing new customer driven payment innovation.
Starling Bank is absolutely focused on the customer experience. It’s critical we get it right, and by signing on with Faster Payments we’re taking a great step forward.
Julian Sawyer is a member of Starling’s Executive Leadership Team, overseeing the company’s payments system, operating and recruitment structure and supplier relationships, in his role as Chief Operating Officer.