UK app-based bank Starling has announced that it will launch a new service, which will allow other lenders and fintechs to accept real-time payments online or via mobile devices.
Starlings’ new service will allow start-up banks to offer immediate payment services without the help of the high-street banks. It will connect companies to Faster Payments and BAC, allowing customers to move money in real time and send direct debits.
Currently, a new bank would need to route through one of the major banks to access UK payment schemes, such as Faster Payments, and enable money transfers, with these services usually coming at a high cost.
Payments should be open, connected and always done in real-time.
When asked about the motive behind launching the new service, Julian Sawyer, Chief Operating Officer at Starling stated that “payments should be open, connected and always done in real-time” with the new service taking these goals a step closer to reality.