Best New Back Office Innovation
PayPort by VocaLink is one of the very first platforms to gain Vendor Accreditation from Faster Payments Scheme Limited (FPSL), helping to facilitate a level playing field between larger established financial institutions and up and coming challenger banks.
Since 2008, the Faster Payments Service has given UK consumers and businesses a fast and secure way to move money online, at any time of day or night.
To remain relevant and meet your customers’ fast-changing demands, you need to make the most of the real-time Faster Payments infrastructure – and that’s where PayPort can help.
Best New Back Office Innovation
Customer expectations are rapidly changing and they are increasingly demanding higher and more sophisticated levels of functionality from their digital applications to make payments. These payments could involve paying bills, making emergency payments, instant loan transfers or mobile payments through digital applications such as Paym and Zapp.
By connecting you to Faster Payments, PayPort enables you to meet such customer demands and to create customer-centric propositions built upon immediate payments.
Many of the world’s top banks and financial institutions trust VocaLink to provide world-class payment services.
We designed and implemented the UK’s Faster Payments system in 2008, and have managed the
system ever since – so our heritage and expertise is second-to-none.
Our proven on-boarding methodology follows a comprehensive and structured approach. It covers all the regulatory and technical aspects to get you ready and prepared to connect to the Faster Payments Service.
We can advise on scheme engagement, compliance and rules, and support you with your certification and go-live processes.
In short, we’re far more than a gateway or a point solution provider. Our service is designed and structured to provide ‘bank-grade’ levels of operational availability, which is not only good for your customers but enables you to concentrate on your other business priorities.
PayPort is ideal for any organisation seeking low-risk, fast and reliable access to Faster Payments, including challenger banks, payment service providers, money transfer businesses or electronic money institutions
Many financial organisations, including challenger banks and new payment service providers, need access to Faster Payments. But there are many regulatory and technical complexities to tackle if you want to do it ‘in-house’.
PayPort is a managed service that provides access to Faster Payments. Our team of PayPort experts will guide you through the journey of implementation and the membership application process.
You will have a compliant, highly resilient and low-risk service that is underpinned by VocaLink’s award-winning technology.
A Directly Connected Non-Settling Participant (DCNSP) or Direct Agency of the Faster Payments Scheme is a Payment Service Provider (PSP) which connects directly to the Central Infrastructure of Faster Payments with a 24/7 real-time gateway.
A Direct Agency, however, does not hold a Reserve Collateral Account (RCA) for settlement at the Bank of England and therefore needs a Sponsor who can perform settlement, and authorise the transactions.
Learn more about PayPort for Direct Agencies.
A Direct Participant of the Faster Payments Scheme is a Payment Service Provider (PSP) which connects directly to the Central Infrastructure of Faster Payments with a 24/7 real-time gateway.
Direct Participants are required to have a Reserve Collateral Account for settlement at the Bank of England to settle their own transactions at each settlement cycle.
Learn more about PayPort for Direct Participants
PayPort manages all your interactions with the Faster Payments Scheme’s central infrastructure. The service is available and supported 24/7, 365 days a year, and covers:
A comprehensive range of fully maintained messaging options for connecting to Faster Payments
A ‘Stand-in’ feature that allows you to respond seamlessly to inbound transactions if your connection to the PayPort Gateway becomes unavailable during scheduled or unscheduled downtimes
Class leading 24/7 availability, monitoring, and support – including incident management
Thorough payment checks and validations on inbound and outbound messages, including checks using the Extended Industry Sort Code Directory.
With PayPort, you no longer need to manage and maintain your own in-house gateway software – less risk and cost for you, and best-in-class reliance and security for your customers.
PayPort has a transparent pricing model based on your current and projected transaction volumes – so you can plan and anticipate future service costs.
VocaLink continually monitors and responds to industry trends, any mandatory scheme changes and regulatory requirements – so you don't have to.
We know that your time is limited, you need to get things moving and you want experts that can help you. As part of our offering, we will help you through your end-to-end journey – from scheme engagement (including attending your first scheme meeting) , compliance and rules to supporting you with your certification and go-live processes.
There’s a lot involved in complying with Faster Payments Scheme Limited’s (FPSL’s) requirements.
Our Training Programme will help you navigate through these requirements – so you never need to be overwhelmed by its complexity. And should you need it, we can provide you with customised additional knowledge to meet your specific requirements.
Let us assist you to improve your team’s knowledge of payments and to reduce your time to market, efficiently and successfully.
The payments landscape is evolving rapidly – and so is PayPort. Whether you are a member, direct agency or indirect agency, or even a corporate, here are some of the ways that we can help.
If you are a member, our PayPort’s Sponsor Service can provide you with the authorisation gateway needed to sponsor agencies and corporates. You, as a sponsor, will be equipped with a payment console – so that you can monitor your customers’ activities and manage your liquidity with up-to-date views.
If you are intending to become an indirect agency or a corporate, we can offer you near real-time transaction processing through a simple and direct connection into our PayPort managed service gateway – helping your customers to make payments more quickly.
Our PayPort services will extend beyond Faster Payments, enabling you to interface with multiple payment schemes including Bacs, SEPA and CHAPS – so you have one single gateway for all your payment transactions.
Talk to us and find out how we can help you now and in the future.
You are a member of the Faster Payments Scheme Limited, or in the process of becoming one
You do not hold a banking licence but have, or will have, a Sponsor bank agreement
You hold a banking licence, or you’re applying for one
You want to join Faster Payments and you are looking for a bank Sponsor.
The PayPort journey begins with an initial call to discuss your needs covering your current and future business model. The call is followed by a more detailed face-to-face meeting to talk through your business requirements, current systems and the PayPort service.