News

UK Faster Payments Scheme accredits Compass Plus

August 17, 2016

Compass Plus, a provider of payments software for processors and financial institutions, has become one of just five companies to achieve aggregator accreditation with the U.K. Faster Payments Scheme.

According to a press release, Faster Payments allows individuals in the U.K. to make rapid, secure payments via mobile, internet, telephone or standing order at the touch of a button.

Faster Payments Scheme Ltd., the operator behind the initiative, certified the Compass Plus open development platform, TranzAxis, following the successful completion of technical tests for the new access model.

Compass Plus used the cloud-based FPS Accreditation service provided by Ascert to complete functional and formal accreditation testing.

Accreditation allows Compass Plus to offer TranzAxis as a software gateway to aggregators and payment service providers who require direct access to the Faster Payments central infrastructure.

According to Mike Banyard, head of development at Faster Payments, increasing customer demand for real-time payments is driving an accreditation push by processors and FIs.

"We are pleased to welcome Compass Plus as the latest FinTech to achieve the accreditation standard," he said. "They will play a vital role in stimulating competition by providing more choice for payment service providers in how to access Faster Payments."