Ultra Electronics’ CORVID PayGate platform has been accredited by the Faster Payments Scheme Limited (FPSL) as technically compatible with the Faster Payments Central Infrastructure (FPS CI).
This assures CORVID’s ability to offer Aggregation services for those who were previously unable to access FPS due to cost and technological barriers.
CORVID PayGate is one of seven leading FinTech solution providers to develop accredited Aggregation services, championing the drive to make 24/7 access to immediate payments economically attractive. This is possible by removing costs otherwise associated with running and maintaining in-house systems.
The increase in demand for guaranteed 24/7 real-time payments continues with changes over the next five years to the UK Payments landscape affecting the future of competitive electronic payment technology.
The technical capability delivered by CORVID PayGate Aggregation services now gives newcomers the ability to directly access the Faster Payments System. This is transformational for the growing number of emerging challenger banks who want to offer their customers real-time 24/7 payments and compete with the national giants.
“Challenger banks face many obstacles in providing real-time 24/7 payments to their customers, not least the economic disadvantage of set-up costs versus their often lower volumes,” explains Nick Newman, CORVID Head of Payments.
“CORVID’s Faster Payments Technical Aggregator service responds with a future-proof, effective and competitive alternative for new players wishing to enter the market.”