This new Information Pack is a guide for authorised payment and e-money institution payment service providers (“non-bank PSPs”) which would like to access the UK’s interbank payment schemes directly. It outlines changes announced by the Bank of England which mean that non-bank PSPs can now apply to open a settlement account at the Bank.
Demand for access to the UK’s main payment systems (Bacs, CHAPS, the Cheque and Credit Clearing Company, Faster Payments and LINK) has never been greater. Much progress has already been made in terms of improving communication and simplifying the ease of access for new participants.
We are delighted at the news detailed in today’s announcement and we look forward to welcoming increasing numbers of new participants as a result. The payment schemes have all worked closely with the Bank of England and the FCA as they further develop the framework to broaden access, and we will continue to work with them as the new arrangements are rolled out. Our unchanging priority is to strike a balance between enabling greater access and competition while maintaining the resilience of the critical infrastructure that we collectively operate.
Until the new arrangements are implemented, access to our schemes continues as normal, for either direct or indirect participation, and full details continue to be available on our websites, including a guide to the options available.