Starling Bank, the leading next generation bank, became the first of the digital-only challengers to join Faster Payments this week.

The 13th direct participant of the Faster Payments Scheme and the first of the next-generation banks to connect directly to the payment system, Starling Bank is excited about the benefits the technology gives their customers.

Faster Payments allows banks to offer true, real-time payments enabling people to send their money to friends and pay bills. This means typical delays on payments will be a thing of the past. Starling’s customers will be able to see where their money is flowing and when in real-time, 24/7.

Julian Sawyer, Chief Operating Officer at Starling Bank, said:

“At Starling Bank we are dedicated to ensuring the best possible banking experience to our customers. Faster Payments is essential to this. Not only have our users expressed huge interest in the real-time insights that we can give them as a result of Faster Payments, but it means being able send money to friends or set up regular payments knowing it will be an instantaneous and simple process. Given our users are all people who happily manage their lives on their phone, this partnership is a huge step in helping them to better manage their finances through our app.”

Traditionally new bank entrants have connected to the platform via another bank, or a sponsor bank.

However, having previously discussed their intention to join, Starling have tested and integrated Faster Payments into their newly built banking platform and customers are now making payments using the technology to all the major banks.

Craig Tillotson, Chief Executive of Faster Payments, said:

“We are delighted to welcome Starling Bank as a direct participant of Faster Payments, the UK’s world-class 24/7 real-time payments system. It is good news for its customers and a positive development for the payments sector more widely. Starling is the first of a number of new joiners planned for this year as we enable payment service providers, both established and new, to offer its customers the real-time, 24/7 payments they demand.”

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About Starling Bank

Launching very soon (Q1 2017), Starling Bank is creating an app that will replace the current account for a generation of mobile users, helping them to see their money from a new perspective.

A fintech business with a banking license, Starling is customer-first and mobile-focused, designed for those people who live their lives on their mobile and would like to be able to manage their money there too.

Unlike other next generation banks, we are not replicating the traditional bank model. We are not providing a range of products. Instead, Starling gives its customers access to a mobile marketplace of services and products that best meet their money needs at any given time.

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About Faster Payments Scheme Limited

Faster Payments is the only UK payment system available day and night, 365 days per year, supporting the demands of personal and business customers. In 2016, Faster Payments processed 1.43 billion payment transactions with a value of £1,189 billion.

The Faster Payments Scheme has 13 direct settling participants: Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks, HSBC (including first direct and M&S Bank), Lloyds Banking Group (including Lloyds Bank, Halifax and Bank of Scotland), Nationwide Building Society, Metro Bank, Northern Bank (Danske Bank), Raphaels Bank, Royal Bank of Scotland Group (including NatWest and Ulster Bank), Santander UK and Starling Bank. PayPal connect to Faster Payments on a direct agency basis, whilst a further 400 PSPs access the service indirectly through a sponsor bank.

Faster Payments Scheme Limited (FPSL) is an independent limited by guarantee company established in 2011. The Scheme exists to develop, operate and enhance payment services based upon a shared 24/7 real-time infrastructure. FPSL is driven by the long-term needs and aspirations of customers, businesses, government, the third sector and all types of PSPs including challengers and incumbents. The Scheme operates on a fair and equitable cost recovery basis. It does not seek to make a financial return for its guarantors.