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Faster Payments Scheme Limited appoints new Managing Director

25 June 2012

Faster Payments Scheme Limited is pleased to announce the appointment of Craig Tillotson as its new Managing Director, who started on 11th June.

Mr Tillotson has worked for the last twenty five years as a board director and strategy consultant in the telecoms and technology industries with Vodafone Group, T-Mobile Group and McKinsey & Company. He joins from a position as Associate Director in management consultant AT Kearney’s Communications, Media and Technology practice.

Previously, while Product Management Director in Vodafone Mr Tillotson created, developed and launched the Vodafone Live mobile internet service and the Mobile Connect Card, a precursor to the Mobile Broadband service available today.  As Strategy Director in T-Mobile UK he oversaw the establishment of the Virgin Mobile Virtual Network Operation, the world’s first significant MVNO agreement, as well as the 3G spectrum auction in 2000. 

He is a graduate in Computer Science from St Catharine’s College Cambridge, is married, and lives in Buckinghamshire.  Although now retired, he served for over twenty years as an officer in the Territorial Army.

Regarding his appointment, Craig Tillotson said:

“I am delighted to have been appointed as Managing Director of Faster Payments Scheme Limited at a time when the scheme is gaining real traction with consumers. I am really looking forward to addressing the key strategic choices the scheme faces in the rapidly evolving payments landscape – particularly in the mobile space.”

Faster Payments is a world-leading service for personal and business customers that can move phone and internet payments within a few hours - almost at the touch of a button. Since the service was launched in May 2008, well over 1.3 billion Faster Payments to a value of £538 billion have been made.

Mr Tillotson is the first permanent Managing Director of Faster Payments Scheme Limited, which was formally incorporated on 24 August 2011. The Faster Payments Scheme was previously managed under the auspices of CHAPS Clearing Company Limited.

ENDS

Notes to editors

A picture of Mr Tillotson is available on request from press@paymentscouncil.org.uk

For further information contact the Press Office on 020 3217 8441/8251/8340 or press@paymentscouncil.org.uk.

About Faster Payments
Faster Payments was the first new payments service to be introduced in the UK for more than 20 years, enabling phone, internet and standing order payments to move quickly and securely, almost at the touch of a button. The service and infrastructure was launched on 27th May 2008 - by the end of 2011 over 85% of phone and internet payments were being processed through Faster Payments.

The Faster Payments Scheme has 10 members:

  • Barclays
  • Citi 
  • Co-operative Bank
  • Clydesdale and Yorkshire Banks (National Australia Group)
  • HSBC
  • Lloyds TSB
  • Nationwide Building Society
  • Northern Bank (Danske Bank)
  • Royal Bank of Scotland Group (including NatWest and Ulster Bank)
  • Santander UK.

Faster Payments Scheme membership is open to credit institutions with a settlement account at the Bank of England who can connect their payment system to the central infrastructure 24 hours a day, 7 days a week. Other financial institutions are able to join, either as direct members, or to access the system through agency arrangements with a member.

Faster Payments, in common with all of the UK’s principal payments schemes, has entered into a contract with the Payments Council setting out its rights and duties. Under the contract, the scheme is required to report to the Payments Council regularly and the Payments Council Board is able to make decisions that are binding on scheme members in order to implement its strategy.

See www.fasterpayments.org.uk for further information.

The Faster Payments Scheme shares its press office with the Payments Council.

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