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Starling Bank Unveils Real-Time Mobile Payments

U.K. challenger bank Starling is staying busy with the launch of its real-time mobile offering, Starling Payment Services, according to Paybefore sister publication Banking Technology. The service, which Starling calls a new division of the bank, will offer sponsorship access to the U.K.’s major payment schemes, enabling other banks, payment service providers and fintech companies to use real-time payments from the summer.

The service will provide “lower costs and better service than traditional providers,” said Julian Sawyer, Starling’s chief operating officer. The service provides access to Faster Payments, which Starling joined in January. In terms of what Starling offers, it says all payments will be sent and received via Starling and then credited in real-time to the end-customers’ account.

The bank says it objective is to open Faster Payments to more organisations using its API-driven, real-time technology. Mastercard issuance and access to BACs, a system in the U.K. for direct debits and direct credits, operated by Bacs Payment Schemes, will also be provided through Starling Payment Services. Later in 2017, Starling states that SEPA payments will become available, enabling Euro payments through its services.

Last month, Starling teamed up with VocaLink’s Pay by Bank mobile payment app. Starling says the app lets customers make real-time payments directly from their existing mobile banking app on their smartphone or tablet.

Also in April, Starling partnered with Moneybox to give its customers access to a suite of savings and investing tools. Users will be able to link an account to Moneybox, round up their purchases to the nearest pound and invest the spare change.

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