Pismo has connected to the UK’s Faster Payments System (FPS), extending and expanding the company’s payment rail capabilities.
Launched in 2008, FPS is one of a trio of major payment services in the UK’s landscape, including BACS (regular bulk, file-based transfers, direct debits) and CHAPS (same-day, high-value transactions).
FPS offers a real-time system, including confirmation to sender and immediate funds availability. It supports three types of credit transfers: single immediate payment, forward-dated payment, and standing order.
It was the first real-time payment system created by the UK regulator and a union of banks, replacing a traditional mechanism which took around three days to move money.
In 2022, more than 3.9 billion transactions worth £3.2 trillion were made using FPS, amounting to 33% of the overall account-to-account (A2A) volume in the country
With its limit raised to £1 million per transaction, it is gaining more momentum even among larger business users to receive invoice payments.
One-stop solution
Pavan Kumar Polavaram, Pismo Product Manager for Payment Integrations, explains:
“Pismo has created a flexible payment infrastructure which can connect to any rail provider for any scheme worldwide. Our FPS connection with ClearBank or Form3, or any other similar partner is a testament to agility at Pismo.
“With a tri-party arrangement between a clearing bank and last mile rails providers, FI’s or fintech can leverage Pismo’s cards, core banking, corporate banking, and lending products and combine it with a payment rail to offer a one-stop solution.”
He adds: “Traditional banks looking to migrate their ageing infrastructure can utilise this move to make their payment journey smoother, reducing the need for batch processes or manual payment processing to almost nil and focus on launching innovative products and services in the market with relative ease.
“A2A payments have evolved slowly in relation to card network counterparts, but haven’t they caught up and how. Worldwide A2A payments or clearing house-based payments have seen renewed impetus and focus by successive governments, given their ease of use and speed of adaptability.
“Take UPI from India or Pix for Brazil, for instance, with the heady dose of innovation and ubiquity, these systems have redefined how payments and services are viewed.”
Pismo’s connection to FPS is just the beginning of a wider global connectivity drive, which has already seen the company connected to Brazil’s PIX network. Watch this space.
