Company Purpose

The purpose of the Faster Payments Scheme Company is to develop, operate and enhance real time, 24/7 payment services that:

  • enable a vibrant and globally competitive UK Economy

  • allow Payment Service Providers to deliver services that are
    • Financially safe and secure, consistent, reliable, resilient, scalable and available
    • Aligned to both real time and same day digital and physical business processes and business models of its customers and users
    • Simple and easy to use
    • Economically efficient with value oriented, fair and non-discriminatory cost recovery from  Payment Service Providers 

  • stimulate and grow the UK payments market by
    • Making it easy for new PSPs to enter, grow and compete
    • Catalysing payments related innovation
    • Attracting global PSPs and FinTechs to the UK to innovate and develop payments services and businesses

  • are driven by the long term needs and aspirations of consumers, businesses, government, the third sector, and all types of PSP, including challengers and incumbents

The Faster Payments Scheme is a not-for-profit company.  It does not make a financial return or provide other advantages to its guarantors* that are not available to all participants.  Equally, it does not expose its Participants to risks or liabilities without their express consent.

*Guarantors are the Participants of the Faster Payments Scheme Limited by Guarantee Company

To deliver its purpose, FPSL has a hierarchy of strategic objectives and underpinning corporate structure, governance, resources, technology, investment funding and ownership model (see slide).