- Tata Consultancy Services (TCS) is reportedly in contention to take over the administration of the UK’s Faster Payments network from Mastercard-owned Vocalink.
- The Faster Payments service, launched in 2008, enables near-instant money transfers between UK-based bank accounts.
- Vocalink, which operates Faster Payments, was acquired by Mastercard in 2016 for $920 million.
- TCS is said to be the leading candidate in the bid, competing with Vocalink for the opportunity.
- The final decision is expected after the UK government’s Vision for Payments strategy is published, and new consumer protections around Faster Payments are established.
- Pay.UK, responsible for imposing rules and policies for the service since 2017, is conducting a comprehensive procurement process for the New Payments Architecture (NPA).
- The feasibility and potential challenges of transferring the service from one infrastructure provider to another, without downtime, are being discussed.
- Faster Payments is a crucial part of the UK’s payment capabilities, handling various transactions from everyday household payments to payroll and state benefits.
- The regulatory non-objection and assurance process is ongoing, and neither TCS nor Mastercard has provided comments on the matter.
