Eligibility Criteria

To become a Participant of Faster Payments Scheme Limited (FPSL) you will be required to:

  • be an authorised Payment Services Provider (PSP) under the Payment Services Regulations (2009)
  • hold a Sterling Settlement Account at the Bank of England, or be able to use a Sterling Settlement Account held by a Group Company at the Bank of England (Click here for more information on Bank of England Settlement Accounts)
  • be able to comply on a continuous basis (i.e. 24*7) with the technical and operational requirements of the system
  • become a Participant of the Company
  • have, or be eligible to hold at least one unique sort code
  • 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 Direct Participant must pay the fees charged by our supplier to support the technical implementation, testing and on-going connectivity with the central infrastructure.