Criteria for Faster Payments Membership

To become a member of Faster Payments Scheme Limited (FPSL) you must:

  • be an authorised Payment Services Provider (PSP)
  • hold a Reserve Account at the Bank of England, or able to use a Reserve Account held by a Group Company at the Bank of England (Click here for more information on Reserve Accounts)
  • be able to comply on a continuous basis (i.e. 24*7*365) with the technical and operational requirements of the system
  • commit to pay any additional legal costs incurred by FPSL with regard to your membership
  • validly execute and remain party to all FPSL legal agreements
  • provide a legal opinion confirming that Scheme agreements are legally binding and enforceable on you (applicable for overseas entities)

Whilst there is no joining fee to join FPSL itself, a member must pay the fees charged by our supplier to support the technical implementation, testing and on-going connectivity with the central infrastructure.

To become a Direct Agency of Faster Payments Scheme Limited (FPSL) you must:

  • be a Payment Service Provider under the Payment Services Regulations (2009)
  • be sponsored by an existing FPSL member who will perform settlement of your transactions
  • have, or be eligible to hold, at least one unique sort code
  • be able to comply continuously with Faster Payments’ technical and operational requirements.

A Direct Agency must pay the fees charged by our supplier to support the technical implementation, testing and on-going connectivity with the central infrastructure. These fees will be in addition to your current commercial arrangements with your sponsor.

To become a Third-Party Beneficiary of Faster Payments Scheme Limited (FPSL) you must:

  • be a customer with an account at a member that is willing to sponsor you
  • have, or be eligible to hold, at least one unique sort code
  • be able to comply continuously with Faster Payments’ technical and operational requirements.

Whilst there is no joining fee to join FPSL itself, a member must pay the fees charged by our supplier to support the technical implementation, testing and on-going connectivity with the central infrastructure.