Decision Maker Process

Once a prospective participant decides on their intention to access Faster Payments either as a Direct Member or Direct Agency, they will be required to formally lodge their intention of joining the Scheme through a 'Letter of Intent' (LoI) that is addressable to the Faster Payments Managing Director.  Once received, this then enables Faster Payments to undertake it's Decision Maker Process (detailed below) in order to provide a guide on the acceptance/rejection of the prospective participants request to access the Scheme.

In line with the Scheme Rules (Section 3), it is the responsibility of the Faster Payments Scheme Managing Director (‘MD’) and one Independent Non-Executive Director (‘INED’) of FPSL, in their capacity as “Decision Makers” to make a decision on whether to grant access to the prospective participant.  This decision is informed by a set of key criteria.  By following the key criteria check points throughout the process, the Decision Makers will be able to make a balanced and structured decision on whether to approve/reject the prospective participants’ intent to join the scheme.

Letter of Intent Template

In terms of the LoI, this will need to include some key descriptions within the letter itself to adhere to Scheme rules when a prospective member signals its intent on joining the Scheme.  For guidance, please discuss with your Faster Payments Scheme contact for more details of the information required when submitting the Letter of Intent by a prospective participant wanting to join the Scheme in this capacity.

Direct Agency Intent Process

Once the LoI is received, in order to provide support and guidance for the Faster Payments MD and INED in making their decision, this document sets out the process and actions undertaken by Faster Payments when a Direct Member or Direct Agency notifies its intent on accessing the Scheme.

Please feel free to discuss with your Faster Payments Scheme contact the Direct Agency process in more detail.