Starling Bank launches payment services unit
Starling Bank, a mobile-only challenger bank in the UK, has launched a payment services unit to give firms instant access.
The new unit, dubbed Starling Payment Services, will allow other banks, payment service providers and fintech firms to benefit from real-time payments.
The service will allow users to transact money instantly through mobile phones or online. All payments will be sent and received through the bank and then credited in real-time to the end-clients’ account.
Starling’s payment service will be available to the banks that are members of the Faster Payments Scheme. The lender will also provide MasterCard Issuance and access to BACs, a system which is used for direct debits and direct credits.
Commenting on the launch, Starling Bank chief operating officer Julian Sawyer said: “We believe that payments should be open, connected and always done in real time.”