eFunds Corporation subsidiary eFunds International has joined forces with Link Interchange Network, the payments processor behind the UK's Link ATM network, to provide the core functionality for a new payments service that will deliver real-time funds transfer from one bank account to another.
Link is developing the core infrastructure for the Faster Payments Service, or FPS, in partnership with Voca, the company responsible for processing direct debits and direct credits in the UK, through a joint venture named Immediate Payments Limited.
Due for completion in 2007, the Faster Payments implementation is being overseen by UK payments association Apacs. Faster Payments will be powered by eFunds’ Connex Open Enterprise software solution, and will allow for all transactions, including standing order payments, to move across banks from one account to another in real-time.
We have a strong relationship with Link and our software already runs its network, which is the largest single-country ATM network in the world, said Ron Drake, managing director of eFunds International. Faster Payments is the biggest development in the UK banking industry in the last decade, not only for consumers but for large corporations, and eFunds is pleased to bring its payments expertise to this important initiative.