Glossary

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 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 Member An accredited institution that connects directly to the Faster Payments Central Infrastructure whilst maintaining the required Bank of England Settlement Account
for FP Settlement
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
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
SIP Single Immediate Payment - A payment set up to be paid straight-away
SO Standing Order - A payment for a fixed amount to be paid regularly to the same beneficiary
VocaLink Provider of the Faster Payments Central Infrastructure (CI)