Compass Plus Gets a Green Light for 'Direct Fast Pay' in the U.K.

By Tanaya Macheel August 15, 2016, 12:50 p.m. EDT 1 Min Read

Financial services software company Compass Plus has been certified as one of five companies with aggregator accreditation for U.K. Faster Payments.

The Nottingham, England-based company’s TranzAxis software, an open development payments platform, completed a series of tests successfully as required by Faster Payments Scheme Limited, the operator behind Faster Payments. It can now offer TranzAxis as a software gateway to payments service providers requiring direct access to Faster Payments’ central infrastructure.

The U.K. Faster Payments system lets consumers make secure and fast automated payments anytime through mobile, Internet, telephone or standing order.

“Customer demand for real-time payments means the importance of opening up access to our world-leading service has never been more important,” Mike Banyard, head of development at Faster Payments, said in an Aug. 15 news release. “[Compass Plus] will play a vital role in stimulating competition by providing more choice for payment service providers in how to access Faster Payments.”

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