Criteria for Membership of Faster Payments

Criteria for Membership for Faster Payments

To become a member of the Faster Payments Scheme you must:

• Be an authorised credit institution
• Hold a sterling settlement account at the Bank of England, or able to use a sterling settlement account held by a Group Company at the Bank of England
• Be able to comply on a continuous basis with the technical and operational requirements of the system
• Be able to pay all costs associated with membership
• Validly execute and remain party to all Scheme legal agreements

To become a Direct Agency of the Faster Payments Scheme you must:

• Be a Payment Service Provider under the Payment Services Regulations 2009
• Have a member willing to sponsor you as a Direct Agency
• Be able to use the sponsoring member’s settlement account at the Bank of England for settling obligations
• Have, or be eligible to hold, at least one unique sort code
• Be able to comply on a continuous basis with the technical and operational requirements of the system

To become a Third-Party Beneficiary of the Faster Payments Scheme you must:

• Be a customer with an account at a member that is willing to sponsor you as a third-party beneficiary
• Have, or be eligible to hold, at least one unique sort code
• Be able to comply on a continuous basis with the technical and operational requirements of the system