London Block Exchange now offers customers Faster Payment Services
- FPS reduces electronic money transfer from the standard three days to only one day.
- The new mechanism allows the users to convert cryptocurrencies to GBP and vice Versa.
A London-based cryptocurrency will now offer its customers on-shore accounts plus access to Faster Payments Services (FPS). The London Block Exchange (LBX) is adopting the FPS payment clearing scheme that is commonly used by banks in the United Kingdom to beat the three-day working day clearance policy.
The Faster Payment Services system ensures that electronic money transfers arrive the very day they are sent. The system only requires that both the sender and the recipient are working with the same scheme. The scheme limit governs the amount of payment to be sent.
This scheme will allow the users to convert GBP to cryptocurrencies and vice versa. The LBX believes will play a significant role in instilling confidence among the traders. Although, at the moment the FPS systems is only available to premium members only. The CEO and founder of LBX, Benjamin Dives said:
“We are creating a service where all steps of the cryptocurrency investment journey are seamless and straightforward. Crypto enthusiasts have been long calling for this, but equally, new customers will be able to find in LBX a grown up, reliable and comprehensive service that they can trust. It’s just another step-in cryptocurrency’s maturation in the UK.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
