Payment Flow Schematic

The schematic below illustrates the payment routing of a typical Faster Payment that has been originated by Indirect Agency A’s customer to Direct Participant B’s beneficiary as well as the message flows to/from Indirect Agency A’s Sponsoring Bank.

  1. Customer of Indirect Agency A initiates a Faster Payment to credit beneficiary of Direct Participant B
  2. Indirect Agency A generates Faster Payment request via its Direct Participant & Agency Sponsor who in turn submits the FP instruction to the FP CI on their behalf (debiting Agency A’s Nostro account held with the sponsoring PSP if cleared funds are available)
  3. Faster Payment request is received by Direct Participant B who then applies/rejects subject to account information/fraud checking etc..
  4. If successful, Direct Participant B applies the funds
  5. FP Central Infrastructure (CI) provides Faster Payment response back to the Direct Participant & Agency Sponsor
  6. Direct Participant & Agency Sponsor provides confirmation to its Indirect Agency accordingly

Please also read our ‘Key Highlights’ section for further information or by clicking here