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In a move to lower its cost base, Transferwise has become the first non-bank payment services provider to hold a settlement account in the Bank of England’s Real Time Gross Settlement (RTGS) system and joins the Faster Payments Scheme (FPS). It also means the company can offer instant transfers to GBP from its borderless accounts and for customers paying by debit and credit card around the world.
Aside from lowering costs for Transferwise, the direct connection to RTGS and the Faster Payments Scheme enables also means the company can offer instant transfers to GBP from its borderless accounts and for customers paying by debit and credit card around the world. Mark Carney, Governor of the Bank of England said in statement that the UK payments industry and authorities are working together to deliver on their “strategic priority of best-in-class payment services that are efficient, reliable and flexible.”
http://www.altfi.com/article/4315_transferwise-becomes-first-non-bank-to-join-boe-payments-system
