- Ripple’s partner FairFX landed the settlement accounts with Bank of England.
- In the process, FairFX has become a direct partner of UK’s Faster Payments Scheme.
Ripple partner FairFX, an e-banking and international payments group, announced that they have been granted access to settlement accounts with Bank of England. In the process, they have become a direct partner of UK’s Faster Payments Scheme.
FairFX’s CEO, Ian Strafford-Taylor said:
“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.”
UK’s Faster Payment Scheme aka FPS is a banking initiative to reduce payment times between different banks’ customer accounts from the three working days that transfers take using the long-established BACS system, to typically a few seconds. It has been growing rapidly since its inception as its the only real-time 24/7 service that is increasing in demand with respect to business and personal customers.
Ripple partnered with FairFX back in mid-2018, along with RationalFX, Exchange4Free, UniPAY, and MoneyMatch. These companies use Ripple’s blockchain payment solution, xVia.
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