PAYPORT FOR DIRECT AGENCIES

A Directly Connected Non-Settling Participant (DCNSP) or Direct Agency of the Faster Payments Scheme is a Payment Service Provider (PSP) which connects directly to the Central Infrastructure of Faster Payments with a 24/7 real-time gateway.

A Direct Agency, however, does not hold a Reserve Collateral Account (RCA) for settlement at the Bank of England and therefore needs a Sponsor who can perform settlement, and authorise the transactions.

The advantage of being a Direct Agency is the ability to connect directly to Faster Payments and transact in real-time 24/7 without the need to become a full-fledged bank and go through the application process for a banking licence, which is what is currently required to hold a RCA.

To find out more about the benefits and requirement to become a Direct Agency of Faster Payments download our PayPort for DCNSP factsheet or visit the Faster Payments Scheme.

FASTER PAYMENTS ECO-SYSTEM

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Contact

Steve Clarke

+44 (0) 203 818 4283

steve.clarke@vocalink.com

Ryan Jackson

+44 (0) 203 818 4082

ryan.jackson@vocalink.com

Nic Guiso

+44 (0) 203 818 4724

nic.guiso@vocalink.com

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