| BofE/BoE |
Bank of England |
| CASS |
Current Account Switch Service |
| CI |
Central Infrastructure - The system that processes Faster Payments |
| CPSS-IOSCO |
Committee of Payment Settlement and Technical Committee of the International Organisation of Securities Commissions |
| DCA |
Direct Corporate Access - A method for corporate customers to submit multiple payments in a single batch |
| Direct Agency/DCNSP |
Directly connected non-settling participant. An institution that directly connects to the Faster Payments Central Infrastructure albeit holds nostro/vostro’s with its sponsoring bank for BofE settlement purposes |
| Direct Participant |
An accredited institution that connects directly to the Faster Payments Central Infrastructure whilst maintaining the required Bank of England Settlement Account |
| FDP |
Forward Dated Payment - A payment set up to be processed on a date in the future |
| FIM |
File Input Module - A method for financial institutions to submit batches of payments in bulk |
| FMI |
Financial Market Infrastructure |
| Indirect Agency |
An institution that connects to the Faster Payments Scheme/Central Infrastructure via its sponsoring bank. The sponsoring bank provides connectivity and BofE settlement. |
| Maximum Value Threshold |
A limit placed by your account holding bank on the maximum amount you can send as a single payment through Faster Payments (this will vary by bank) |
| MPS |
Mobile Payments Service |
| NDA |
Non Disclosure Agreement - A legal document that prohibits either party from sharing information they share between themselves from sharing with any third party |
| PSP |
Payment Service Provider - a generic term to cover your Bank, Building Society or any other institution that allows you to make a Faster Payment |
| Request to Pay |
A flexible payment and bill management service concept that offers payers more control over bill payments |
| SIP |
Single Immediate Payment - A payment set up to be paid straight-away |
| SO/SOP |
Standing Order Payment- A payment for a fixed amount to be paid regularly to the same beneficiary |
| SWIFT |
Society for Worldwide Interbank Financial Telecommunications |
| Transaction Limits |
A cap placed by banks on how much their account holders can send via Faster Payments |
| VocaLink |
Provider of the Faster Payments Central Infrastructure (CI) |
