Faster Payments

A major change is on the way in U.K. payments. The Payment Systems Task Force, chaired by the Office of Fair Trading has agreed with banks that clearing times will be reduced on electronic payments between banks following telephone or internet instructions from customers, as well as standing orders. The new clearing service will result in at least same day or next day clearing depending on the time of day the payment is initiated.

Founder and agency banks need to make major changes to their systems to be able to effect Faster Payments, which includes the introduction of a payment hub to communicate with banks existing systems and a gateway to the central ISO8583 based Faster Payments switch.

Authentic FPG is a product solution for the ‘Faster Payments Gateway’ which is required by banks to enable their payment hubs to communicate securely with the Faster Payments Central Infrastructure run by VOCA. Fractals FP is a real time transaction fraud monitoring system which is ideally suited to Faster Payments fraud detection and anti-money laundering. Authentic FPG and Fractals FP are available now.

High Performance
The technology underlying Authentic FPG and Fractals FP statistical detection performance is proven at the high throughput levels demanded for UK Faster Payments processing by the largest UK banks.

Ease of integration
A crucial advantage of Authentic FPG and Fractals FP is that both have a Service Oriented Architecture with highly configurable interfaces to banks internal systems, enabling rapid system integration, without coding.

Platform independent
Written in Java, Authentic FPG and Fractals FP are platform independent, enabling an institution to select the platform of its choice.

Banks are in the driving seat
Processing requirements will evolve and change in the period after the introduction UK Faster Payments. It will therefore be essential for banks to be able to cope with such changes quickly and cost effectively, most likely using their own staff. With their modern design and high level of user configurability, use of Authentic FPG and Fractals FP means that clients are in control and can easily meet the changing needs as the Faster Payments Service evolves.