Fee Structure

FPSL operates on a cost recovery basis and aims to make no profit. There are a number of cost/fee considerations for the applying PSP to be aware of as part of its integration with the FPS and other external parties.

All Direct Participants contribute to the costs of running Faster Payments based upon a monthly connectivity charge and each Participant's proportion of the total volume of payments sent and received through the system. There are no discounts of premiums for large or small volumes and these costs do not include Participant's own technology, liquidity and opertational costs.

 

Last updated: September 2017

 

Fee

Amount

Payable By

Telecommunications set-up

£ Time and Materials (T&M) Basis Fees are payable by the Direct Participant or Technical Aggregator. This is dependent on who operates and maintains the direct connection to the FPS CI at Vocalink

Telecommunications fee

£7,500 per month

Vocalink Testing support**

£75,000 (one off fee) All Direct Participants

24*7 Vocalink Service Desk Support and Maintenance Fee

£750 per month All Direct Participants and all Technical Aggregators

Transaction Fee

£0.0309 (c3.1p per transaction) All Directly Connected Settling Participants - see Pricing Guide for further details

Legal

£750 (one of fee) Registering the Participants' Deed of Charge

** If additional testing / support is required participants will be charged on a T&M basis.



Exclusions 

There are other costs charged by the Bank of England directly to participants