Key Highlights

Listed below are a number of Key Highlights associated with joining the Faster Payments Scheme as a Direct Member. For more information on the requirements to join the Faster Payments Scheme, please visit the Eligibility Criteria section in the menu on the left or by clicking here.

  • Direct Member connects directly to the Faster Payments Central Infrastructure (FPS CI) to send and receive Faster Payments from other directly connected PSP’s               
  • Member must operate continuous 24*7 technical operations with 100% availability
  • Have, or be eligible to hold at least one unique Sort Code
  • Direct Member to meet eligibility criteria to become a full member of FPS i.e. Member to have or obtain the relevant FCA Banking Licence and hold a settlement/reserve collateralisation account with the Bank of England
  • Payments submitted into the FPS CI typically receive a response within seconds, therefore the Direct Member would be required to comply with the real-time nature of the messaging flows
  • A Direct Member has the option to offer additional services to its clients such as Direct Agency and DCA (please see Access Options for further details)