Access

The Faster Payments Service enables real-time payments for millions of individuals, businesses and charities across the UK - virtually everyone with a bank account. This is made possible by the range of high street banks, building societies, challenger banks and other fintechs and Payment Service Providers (PSPs) that connect either directly or indirectly to the Faster Payments Central Infrastructure.

Since 2014, the Faster Payments Access Programme has more than doubled direct participation in the scheme from 10 institutions to over 20, with more still in the pipeline. 2018 also saw the first non-bank join Faster Payments as a Direct Participant, making use of new rules which allow non-banks to open a settlement account at the Bank of England.

This page explains the different options for PSPs to access Faster Payments, and how they work.   

Faster Payments for your customers

If you are considering joining Faster Payments to provide real-time payments to your customers or service users there are a number of different ways to connect:

  • Directly Connected Settling Participants (DCSPs) – connect directly into the Faster Payments Central Infrastructure to send and receive payments in real-time, 24 hours a day. DCSPs set their own transaction limits and perform their own settlement with the Bank of England. This is often the best option for organisations that handle a high volume of payments and are eligible to open a settlement account at the Bank of England.
  • Directly Connected Non-Settling Participants (DCNSPs) – connect directly into the Faster Payments Central Infrastructure via a sponsoring Participant that performs Bank of England settlement on the PSP’s behalf. This is often the best option for organisations that are not eligible to open a settlement account at the Bank of England.
  • Indirect Agency – This option enables a PSP to connect to Faster Payments via a sponsoring Participant which manages the direct connection on its behalf. Sponsoring Participants provide various options to send and receive Faster Payments, and also perform Bank of England Settlement on the Indirect Agency PSP’s behalf. This option is beneficial for PSPs that find a direct connection is not commercially viable.

Find out more

More information on all of the access options is available in our Service Principles Guide, linked below. Alternatively, if you are interested in discussing how to get access to Faster Payments, please contact the Faster Payments on-boarding team at access@fasterpayments.org.uk.


 



Customer Proposition thumbnailFaster Payments Service Principles

Our Service Principles guide helps you consider which access option best fits your customer proposition

Download >> 

 

 



Access to UK Payment Schemes for Non-Bank PSPs

This information pack is a guide for authorised payment and e-money institution payment service providers (“non-bank PSPs”) which would like to access the UK’s interbank payment schemes directly. It outlines changes announced by the Bank of England (the Bank) which mean that non-bank PSPs can now apply to open a settlement account at the Bank.

Download >> 

 



Levelling the playing field for access - Harnessing the Power of Now

Access to payment systems has been a hot topic for a number of years, and we are proud of our efforts at the leading edge of this important area. This report sets out what we did, how we did it, and the results we’ve seen.

Download >> 

 

 



An Introduction to the UK's Interbank Payment Schemes

Developed collaboratively by the UK's interbank Payments System Operators - Bacs Payment Schemes Limited (Bacs), CHAPS, Cheque and Credit Clearing Company, Faster Payments and LINK.

This guide provides an overview of the UK's payment schemes, what each one offers, and how they can be accessed. It is intended for use by Payments Service Providers (PSPs) that are considering joining, or thinking of extending more payments services to their customers. 

Download >>

 

Faster Payments’ New Access Model

In December 2014 FPSL published a whitepaper with a vision for a new way to connect to Faster Payments. ‘A Vision for a New Access Model’.

Bilateral discussions between FPSL (‘the Scheme’) and candidate Payment Service Providers (PSPs) revealed clear demand for access to Faster Payments in two broad segments: Immediate / Real Time, and Same-Day (Value-Dated) payments.

The aim of the New Access Model is to create a level playing field for any firm that wants to offer Immediate / Real Time payments.

Download>>



Faster Payments’ New Access Model

In 2015, FPSL commissioned Accenture to examine the business case for implementing the New Access Model.

Bilateral discussions between FPSL (‘the Scheme’) and candidate Payment Service Providers (PSPs) revealed clear demand for access to Faster Payments in two broad segments: Immediate / Real Time, and Same-Day (Value-Dated) payments. The aim of the New Access Model is to create a level playing field for any firm that wants to offer Immediate / Real Time payments.

In 2015, FPSL commissioned Accenture to examine the business case for implementing the New Access Model.

Accenture’s analysis suggested that - in addition to guaranteeing 24/7 real-time payments for PSPs - the New Access Model should result in lower costs over five years than sponsored access or direct participation for PSPs processing (or forecast to process) between 1.4m and 20m Faster Payments per year. The findings also suggest the New Access Model could deliver a potential collective £200m (Net Present Value) profit for FinTechs over the next five years.

Download >>