Corporate Payment Provider Corpay, Inc. (NYSE: CPAY) announced today that its cross -border business has officially joined the faster UK payment service (FPS), a landmark that enhances Corpay’s binding to boost the infrastructure of the world, In the GBP.
FPS is the UK’s real -time local payment program, designed to allow fast, secure and cost -effective transfers to GBP. It belongs and operates by Pay.uk, which performs the UK retail payment operations, including the BACS payment system and the FPS image clearance system.
With this new capacity, Corpay customers can now benefit from faster payments to the United Kingdom, significantly improving both speed and reliability, rationalizing payment processes and offering a more seamless experience for both domestic and GBP businesses.
Access to FPS requires the satisfaction of the necessary regulators and infrastructures and can be ensured in different ways. Thanks to a new access program inaugurated in 2014, the number of immediate fastest participants in the payment system has tripled, with more in a pipeline. Completion of the company highlights the company’s strong reputation and reliable relationships with leading financial and banking partners.
“This is a key milestone on our product route map and a natural expansion of the Multi-Currency Account (MCA) account,” said Tim Watson, head of product and digital innovation officer Cross-Bond Solutions. “Today’s customers expect immediacy, not only about how they shop or communicate, but on how they move the money.
With the integration of FPS, Corpay customers will receive exclusive account numbers connected to the Corpay Sorting Code, which is connected to both FPS payment systems and chaps. This setting allows them to send and receive GBP payments through local rails.
David Morris, CEO of Pay.uk, said:
“The fastest payment system is available day and night, 365 days a year, supporting the requirements of consumers and business customers since its creation in 2008.
This is made possible by organizations such as Corpay and other safe and safely linked payment service providers in the faster central infrastructure payment system.
At Pay.uk, we are constantly striving to improve our payment systems for the benefit of final users. Through our infrastructure and services, we allow billions of pounds of payments, safely and safely. The company involved in the FPS shows our commitment to meet the needs of customers for the benefit of the United Kingdom as a whole. ”