Raphaels Bank Named Financial Service Institution of the Year for Second Year in a Row

21st October 2016

Raphaels Bank, at the forefront of supporting the payments sector for more than a decade, has continued its successful run of Award wins.  Last night it received recognition for its commitment to ground-breaking innovation in the prestigious 2016 Payment Awards by being named Financial Services Institution of the Year.


“We have a clear commitment to giving Payment Service Providers (PSPs) the ability to add value to their services through a wide range of payment solutions”, explained Janet Johnston, Head of Raphaels Bank Payment Services.  “And this latest Award win, closely following last week’s success in the Emerging Payment Awards, is great recognition of that commitment.


“By opening up the Faster Payment Scheme for PSPs through a new direct access model, we are breaking new ground.  And we expect to continue to expand our Faster Payments Scheme direct connection sponsorships during 2017 with a number of other innovative launches, further demonstrating our on-going commitment to collaboration with innovative and exciting fintech players.”


In the last year, Raphaels Bank Payment Services has developed and launched innovative payment propositions for both long-term and new partners, including Cash Passport, Avuba and Vodafone Pay.  In August 2016 Raphaels also became the first new fully-operational participant of the Faster Payments Scheme, the UK’s 24/7 real-time payment service, since the scheme’s launch in 2008, allowing it to tailor solutions for fintech disruptors such as TransferWise.

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