2 INTRODUCTION AND TERMINOLOGY
2.1 Business Introduction
PayPort is a managed service payments gateway to FPS and it is intended to provide more financial institution to offer real-time payments 24/7. It is highly resilient and low risk service, it manages the sending and receiving of a single payment either through a member or through direct agency (at the moment there is no provisioning for an indirect agency). PayPort is one of the very first platform to be accredited under the FPSL (Faster Payment Scheme Limited).
FPSL (Faster Payment Scheme Limited) is an automated clearing and settlement system. It runs in addition to the existing BACS and CHAPS automated systems. The FPS processes individual payments from personal customers, corporate …show more content…
In Synchronous processing model payments that are sent to the CI, CI doesn’t store and forward the payment it is processed on real time bases. The Asynchronous processing model allows the receiving institution to store and forward a payment to the CI.
The purpose of this implementation (PayPort Gateway) is to allow more financial institutes that cannot afford a cost of directly connecting to FPS however can utilise PayPort to provide the FPS service.
It also help in facilitating larger established financial institution and also challenger banks. It is operated as a fully managed service meaning that institution do no need to take on registration cost and risks involved in introducing a major , new technology infrastructure. This allows the members and challenger banks to focus on their own business and customer priorities , whilst also ensuring that real-time payments can be made more efficiently and easily.
2.2 Terminology
The following terminology is used in this document. The meaning of acronyms used can be found in the Glossary at the end of the …show more content…
Indirect Agency Indirect agencies that are part of a group (e.g. are wholly owned subsidiaries or brands within a group) that includes a Member may also sponsor directly connected agencies Sponsor Bank Sponsoring Banks are the members of the FPS scheme who are responsible for settlements and payments sent and received by their sponsored agencies. They also mainly come with having a settlement account with the Bank of England.
2.3 Why PayPort
The way money has traditionally been sent within UK is a patchwork of bank-to-bank relationships, where one back sends it to another bank. A route which is slow difficult to track with PayPort’s innovative payment gateway service infrastructure to provide clients access to payment options across the UK market through a single managed service. Since PayPort is accredited with FPSL it is more efficient , enabling clients to deliver a better payment experience to their customers: faster and with more transparency. Moreover since banks cannot afford to connect directly to FPS and only have access to the 3 days BACS service. But PayPort allows them to connect through an affordable managed service. They do not need the infrastructure to support 24/7 real time response but PayPort does this for
2.1 Business Introduction
PayPort is a managed service payments gateway to FPS and it is intended to provide more financial institution to offer real-time payments 24/7. It is highly resilient and low risk service, it manages the sending and receiving of a single payment either through a member or through direct agency (at the moment there is no provisioning for an indirect agency). PayPort is one of the very first platform to be accredited under the FPSL (Faster Payment Scheme Limited).
FPSL (Faster Payment Scheme Limited) is an automated clearing and settlement system. It runs in addition to the existing BACS and CHAPS automated systems. The FPS processes individual payments from personal customers, corporate …show more content…
In Synchronous processing model payments that are sent to the CI, CI doesn’t store and forward the payment it is processed on real time bases. The Asynchronous processing model allows the receiving institution to store and forward a payment to the CI.
The purpose of this implementation (PayPort Gateway) is to allow more financial institutes that cannot afford a cost of directly connecting to FPS however can utilise PayPort to provide the FPS service.
It also help in facilitating larger established financial institution and also challenger banks. It is operated as a fully managed service meaning that institution do no need to take on registration cost and risks involved in introducing a major , new technology infrastructure. This allows the members and challenger banks to focus on their own business and customer priorities , whilst also ensuring that real-time payments can be made more efficiently and easily.
2.2 Terminology
The following terminology is used in this document. The meaning of acronyms used can be found in the Glossary at the end of the …show more content…
Indirect Agency Indirect agencies that are part of a group (e.g. are wholly owned subsidiaries or brands within a group) that includes a Member may also sponsor directly connected agencies Sponsor Bank Sponsoring Banks are the members of the FPS scheme who are responsible for settlements and payments sent and received by their sponsored agencies. They also mainly come with having a settlement account with the Bank of England.
2.3 Why PayPort
The way money has traditionally been sent within UK is a patchwork of bank-to-bank relationships, where one back sends it to another bank. A route which is slow difficult to track with PayPort’s innovative payment gateway service infrastructure to provide clients access to payment options across the UK market through a single managed service. Since PayPort is accredited with FPSL it is more efficient , enabling clients to deliver a better payment experience to their customers: faster and with more transparency. Moreover since banks cannot afford to connect directly to FPS and only have access to the 3 days BACS service. But PayPort allows them to connect through an affordable managed service. They do not need the infrastructure to support 24/7 real time response but PayPort does this for