eFunds To Power Online Segment Of New UK Faster Payments Service
eFunds International Limited has announced that it will be working with LINK Interchange Network Ltd., the payments processor whose infrastructure powers the UK's real-time online ATM network, to provide the core functionality for the new Faster Payments Service (FPS) to deliver real-time funds transfer from one bank account to another.
LINK is developing the core infrastructure for Faster Payments in partnership with Voca, the company responsible for processing Direct Debits and Direct Credits in the UK, through a joint venture -- Immediate Payments Limited.Due for completion in 2007, the Faster Payments implementation is being overseen by APACS, the UK payments association, which has been developing the specification in response to the Office of Fair Trading Payments Systems Task Force. Faster Payments will be powered by eFunds' CONNEX® Open Enterprise software solution and will allow for all transactions, including standing order payments, to move across banks from one account to another in real-time.
John Hardy, Chief Executive, LINK Interchange Network, commented, "We have strong experience in developing real-time online solutions in partnership with eFunds. We are confident that this innovative solution will create significant benefits for both consumers and corporations."
Ron Drake, managing director, eFunds International, said: "We have a strong relationship with LINK and our software already runs its network, which is the largest single-country ATM network in the world, processing 2.5 billion payments each year. Faster Payments is the biggest development in the UK banking industry in the last decade, not only for consumers but for large corporations, and eFunds is pleased to bring its payments expertise to this important initiative."
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