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19 Feb 2019 | 09:50

FairFX eyes reduced costs after joining UK Faster Payments Scheme

FairFX, the e-banking and international payments group, said that through its subsidiary Spectrum Payment Services, it had been granted settlement accounts with the Bank of England and, in turn, had become a direct participant of the UK Faster Payments Scheme.

The move paved the way for FairFX to join other UK Payment Schemes such as BACS and CHAPS, allowing the company to own its sort code, which, in conjunction with its SWIFT membership, 'means it can now create IBANs for customers with no other financial institution involved in the process,' the company said. 'This will benefit the company through enhanced economics via reduced cost per transaction coupled with enhanced customer acquisition and retention via instant payments which will vastly enhance the user experience and satisfaction,' it added.

At 9:50am: (LON:FFX) Fairfx Group Plc Ord 1p share price was -0.5p at 89.5p

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