The UK’s Faster Payments initiative, mandated by the Payment Systems Task Force, aims to reduce clearing times on electronic payments between banks following telephone or Internet instructions from customers, as well as standing orders. The new clearing service will result in same day or next-day clearing. To meet this requirement, organizations must implement a new payment scheme based on a near-real time processing model. Financial institutions must update payment systems to enable connection with the Faster Payments central infrastructure and complete testing by the end of May 2008.

BASE24-eps® for Faster Payments is a gateway that allows existing bulk or high-value payments systems to support the Faster Payments initiative. The gateway includes functionality for connecting multiple payment initiation systems, internal routing of intra-bank payments and support of the BACS 18 standard for standing order files. In addition, the gateway monitors a bank’s settlement risk position and provides settlement reports to keep a bank informed of its net settlement status.

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BASE24-eps® for faster payments