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The purpose of the Faster Payments Scheme Company is to develop, operate and enhance real time, 24/7 payment services that:
- enable a vibrant and globally competitive UK Economy
- allow Payment Service Providers to deliver services that are
- Financially safe and secure, consistent, reliable, resilient, scalable and available
- Aligned to both real time and same day digital and physical business processes and business models of its customers and users
- Simple and easy to use
- Economically efficient with value oriented, fair and non-discriminatory cost recovery from Payment Service Providers
- stimulate and grow the UK payments market by
- Making it easy for new PSPs to enter, grow and compete
- Catalysing payments related innovation
- Attracting global PSPs and FinTechs to the UK to innovate and develop payments services and businesses
- are driven by the long term needs and aspirations of consumers, businesses, government, the third sector, and all types of PSP, including challengers and incumbents
The Faster Payments Scheme is a not-for-profit company. It does not make a financial return or provide other advantages to its guarantors* that are not available to all participants. Equally, it does not expose its Participants to risks or liabilities without their express consent.
*Guarantors are the Participants of the Faster Payments Scheme Limited by Guarantee Company
To deliver its purpose, FPSL has a hierarchy of strategic objectives and underpinning corporate structure, governance, resources, technology, investment funding and ownership model (see slide).