Decision Maker Process

Once a prospective participant decides on their intention to access Faster Payments as a Direct Member, 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 will enable the Faster Payments Scheme 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 their intent to join the Scheme.  For guidance, please click here for the template Letter of Intent that would be submitted by a prospective participant wanting to join the Scheme.

Direct Member Intent Process Guide

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

Please click here for the Faster Payments Direct Member Intent Process Guide