New way of accessing Faster Payments spreads true real-time 24/7 payments wider than ever

Ebury becomes Faster Payments’ first Directly Connected Non-Settling Participant

Faster Payments has today (20 March 2018) welcomed the first ever non-bank to directly connect to its 24/7 real-time payment infrastructure under the Scheme’s new and simplified Directly Connected Non-Settling Participant (DCNSP) sponsorship model.

Ebury Partners UK Limited (Ebury) has become the first new participant to join the Faster Payments Scheme under the new model which means they do not need a full banking license or settlement account at the Bank of England. Barclays is fulfilling the role as Ebury’s sponsor to undertake their settlement, with cloud technology firm Form3 providing the payments platform. 

An important benefit for participants using the new DCNSP model is a lower burden in terms of the liquidity and risk management tools required, as these aspects are managed by the sponsor bank on behalf of the joining institution. Compared to direct settlement, the DCNSP model also offers relative cost savings for the sponsor bank as responsibility for assurance audit rests with the payment scheme. This is expected to drive competition in the market for provision of sponsorship.

Faster Payments' Access Programme has made huge strides over recent years - 21 participants now connect directly to the payment system, while a further 400 payment service providers (PSPs) access it indirectly through a sponsor bank. The Payment Systems Regulator acknowledged this accelerating progress in their third annual report on access to payment systems1 – two new participants joined Faster Payments in 2016, six joined last year, while a further eight are predicted to join by the end of 2018.

Craig Tillotson, Chief Executive of Faster Payments, said:

“This new way of directly connecting to Faster Payments without the need for a settlement account brings real time payment capabilities within the scope of many smaller banks and other payment providers. It’s encouraging to see the imaginative and flexible technical solution that Form3 has developed and brought to the market.”

“We are delighted to recognise Ebury as the first to join the Faster Payments Scheme under this new agency bank sponsored model. This represents a historic milestone in the evolution of our open access agenda, underlining our commitment to levelling the playing field for access, promoting competition and ensuring real-time, 24/7 payments are available as widely as possible to end users.”


About Ebury

Helping businesses of all sizes grow beyond their borders.

Set up in 2009, Ebury is one of the fastest growing fintechs in its sector, employing over 650 staff across 11 European countries, Canada and Dubai. Ebury provides corporates with international financial services that are normally reserved for large companies, including supply chain finance, tailored currency services, cash management and risk management solutions. 

Thanks to its innovative international banking solutions, Ebury serves today over 24,000 corporate clients and has received over 15 international awards recognising it as one of the leading companies in its sector. Some of the latest awards received are the Financial Times 1,000 Europe’s Fastest Growing Companies (2016 and 2017), the Business Insider top 16 Fintech startups, Deloitte UK Technology Fast 50 (2015, 2016 and 2017), The KPMG Innovation Award 2017 or the Future Fifty 2017 - fastest growing UK companies. Ebury is regulated as an Authorized Electronic Money Institution by the Financial Conduct Authority under the reference number 900797.

Ebury exceeds all three FCA standards covering: Capital Adequacy, Client Protection, and Robust Internal Risk Management.

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