Glossary



BofE/BoE Bank of England
CASS Current Account Switch Service
CI Central Infrastructure - The system that processes Faster Payments
CPSS-IOSCO Committee of Payment Settlement and Technical Committee of the International Organisation of Securities Commissions
DCA Direct Corporate Access - A method for corporate customers to submit multiple payments in a single batch
Direct Agency/DCNSP Directly connected non-settling participant. An institution that directly connects to the Faster Payments Central Infrastructure albeit holds nostro/vostro’s with its sponsoring bank for BofE settlement purposes
Direct Participant An accredited institution that connects directly to the Faster Payments Central Infrastructure whilst maintaining the required Bank of England Settlement Account
FDP Forward Dated Payment - A payment set up to be processed on a date in the future
FIM File Input Module - A method for financial institutions to submit batches of payments in bulk
FMI Financial Market Infrastructure
Indirect Agency An institution that connects to the Faster Payments Scheme/Central Infrastructure via its sponsoring bank. The sponsoring bank provides connectivity and BofE settlement.
Maximum Value Threshold A limit placed by your account holding bank on the maximum amount you can send as a single payment through Faster Payments (this will vary by bank)
MPS Mobile Payments Service
NDA Non Disclosure Agreement - A legal document that prohibits either party from sharing information they share between themselves from sharing with any third party
PSP Payment Service Provider - a generic term to cover your Bank, Building Society or any other institution that allows you to make a Faster Payment
Request to Pay A flexible payment and bill management service concept that offers payers more control over bill payments
SIP Single Immediate Payment - A payment set up to be paid straight-away
SO/SOP Standing Order Payment- A payment for a fixed amount to be paid regularly to the same beneficiary
SWIFT Society for Worldwide Interbank Financial Telecommunications
Transaction Limits A cap placed by banks on how much their account holders can send via Faster Payments
VocaLink Provider of the Faster Payments Central Infrastructure (CI)