The Vision for the New Access Model

In December 2014 Faster Payments Scheme Limited published a whitepaper with a vision for a new way to connect to Faster Payments. Please click here for the Access to Payments Whitepaper.

Bilateral discussions between Faster Payments Scheme Limited (‘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 Scheme’s aim is to create a level playing field for any firm that wants to offer Immediate/Real Time payments.

The Scheme believes that these challenges for accessing the service are best addressed through the introduction of a competitive market in technology vendor operated aggregation services.

The Vision for the New Access Model whitepaper sets out how this can be achieved.

The paper is intended for four key audiences:

  • ‘challenger’ banks and non-bank Payment Service Providers (PSPs), considering participation;
  • financial technology companies (fin-techs), who already provide, or wish to provide, payment ‘aggregation’ or bureau services to PSPs;
  • Real Time Gross Settlement (RTGS) participants interested in providing settlement facilities to other PSPs; and
  • existing Faster Payments participants who may be reviewing or considering a refresh of their current payments architecture.


  • recognise the growth and success of Faster Payments;
  • set out the rationale for acting now;
  • summarise the Scheme’s aspirations to capitalise on emerging opportunities in this rapidly changing market place;
  • describe our proposals, as the starting point to a new journey;
  • target specific stakeholders with a rationale for further change and ensure they are aware of how they can take advantage of the proposed changes;
  • set target dates for our proposals; and
  • invite feedback and further engagement.

Since publishing the Vision for the New Access Model, FPSL commissioned Accenture to examine the business case for implementing the New Access Model. The findings suggest the New Access Model could deliver a potential collective £200m (Net Present Value) profit for FinTechs over the next five years, to find out more click here.