Elavon, a global payments provider and subsidiary of U.S. Bancorp, has become the first dedicated payments provider and eCommerce business to directly connect to the Faster Payments service in the UK.

Elavon is the latest of new generation of payment services providers (PSPs), challenger banks and fintech companies connecting directly to Faster Payments to promote greater accessibility to businesses and consumers.

Previously only major banks and building societies enjoyed direct access to the scheme until the new access model – delivered by Faster Payments in collaboration with the Bank of England, FCA and HM Treasury – opened the service to new players and markets.

The scheme enables merchants to receive funds to their UK bank accounts 24/7, in real-time. This secure technology benefits businesses by improving their cash flow, and greatly speeds the existing process to receive funds, which may previously have taken up to three days to process. As a direct participant, Elavon can now process monies up to £250,000 per transaction.

Elavon joins a select group of 25 participating financial organisations that meet the stringent regulatory, security and compliance requirements of Faster Payments.