A Direct Participant 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.
Direct Participants are required to have a Reserve Account for settlement at the Bank of England to settle their own transactions at each settlement cycle.
For PSP’s with plans to apply for a Banking Licence, the advantage of becoming a Direct Participant of Faster Payments is the ability to transact in real-time 24/7 and also the possibility to become a sponsor for Direct Agencies and therefore open a new revenue stream.
To find out more about the benefits and requirement to become a Direct Participant of Faster Payments download our PayPort for Direct Participants factsheet or visit the Faster Payments Scheme.
PayPort by Vocalink is the Faster Payments Managed Service Gateway accredited for Direct Participants, Sponsors and Direct Agencies.
As a Direct Participant, our Sponsor Service also provides you with the opportunity to generate additional revenue by offering settlement services to Electronic Money Institutions (EMIs) and Payment Institutions (PIs) wishing to join the Faster Payments Scheme as a Direct Agency.