Dovetail Smart Gateway Solution for UK Faster Payments

Since 2008, the UK’s Faster Payment Service (FPS) has provided UK consumers and businesses with an easy way to make payments that reach beneficiaries rapidly. With an average annual growth rate in excess of 20%, the scheme now handles over a billion transactions every year.

Historically direct participation in FPS was limited to a few large banks. However, with the recent introduction of the New Access Model, access is now open to a wider range of banks, as well as to non-bank payment services providers (PSPs).

The Dovetail UK FPS Clearing Connector, in conjunction with the Dovetail Smart Gateway Solution, provides the technology required to capitalize on these developments. It is well suited to the needs of banks or PSPs seeking to take advantage of the expanded access model, as well as existing FPS participants looking to refresh their ageing payments architecture.

Key features and benefits:

  • Minimal system impact – reuses existing channel and payment system message flows
  • Lightweight and easy to deploy
  • Proven, high-performance ISO8583-compliant connector specifically tuned to the requirements of the UK’s FPS scheme
  • Out-of-the box support for indirect members, direct agency and DCA (Direct Corporate Access)
  • Natively multi-entity and multi-bank operations, allowing multiple direct participant connections (endpoints) to a single scheme