Settlement Accounts Reached By Ripple Partner FairFX

The global payments services provider, FairFX has been up and running since 2007 and they have recently announced that they have been granted access to settlement accounts with the Bank of England. In addition to this, FairFX has become a direct partner of the UK’s Faster Payments Scheme.

Ever since its creation, the UK’s Faster Payment Scheme has been quickly growing because it is the only real time, round the clock service that is seeing a continuous increase in demand with respect to business as well as personal customers. In addition to this, the company’s direct connection to the Faster Payments Scheme has been enabled by the New Access Model that extended access to the RTGS accounts held at the Bank of England.

Ian Strafford-Taylor is the CEO of FairFX who said this on the matter:

“Obtaining direct membership of the Faster Payments Scheme together with settlement accounts at the Bank of England represents a major step in the progression of FairFX Group. This development is in line with the Group’s strategy to streamline the payment supply chain, deliver lower payment processing costs, improve customer experience and facilitate product iteration.”

The growing effort of the FPS is to inject more competition which will help keep growth up in the payments space. Change in this is sector has been overdue for a long time now so this is good news.

In addition to this, FairFX can now directly settle payments with other members of FPS and it is eligible to join other payment schemes in the UK such as CHAPS and BACS. Last year alone, FairFX processed more than a million FPS transactions but after the partnership and its inductance into the FPS which will now be able to process these transactions in real-time.

Last summer FairFX partnered up with Ripple as well as four other big firms from across the globe including, RationalFX, UniPAY, Exchange4Free and MoneyMatch. The blockchain solution xVia, is what these companies would be using.

The API solution enables payment originators to access and experience the benefits of RippleNet. For those that don’t know, the originators are the people that send payments on behalf of a customer or client.

The API solution will mean faster transactions into new markets and lower operational costs. In addition to this, speed is increased and a end to end visibility over a payment’s journey is available.