Access to Payments

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. 

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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’ is available here.

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.

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.

Accenture’s full report is available here.

 

2016 and 2017 Access to Faster Payments

During 2016 and Q1 of 2017, FPSL has seen five new Direct Participants join Faster Payments.

Below is a summary of the achievements during the New Access Model project:

  • Five Fintech vendors have been accredited to provide technical aggregator services to new Direct Participants
  • Technical Accreditation service is available for those wishing to offer Direct Agency and/or Settlement services
  • A further seven PSPs are expected to Go Live during 2017 as Direct Participants with more scheduled during 2018
  • A number of PSPs are also exploring Direct Agency options for H2 2017 and beyond

The New Access Model project was successfully concluded during March 2017 with the new access options considered as BAU.

>> Click here to read about the Access Options to join the Faster Payments Service