PAYPORT FOR DIRECTLY-CONNECTED SETTLING PARTICIPANTS


WHAT IS A DIRECTLY-CONNECTED SETTLING PARTICIPANT?

A directly-connected settling participant (DCSP) of the Faster Payments Scheme is a payment service provider (PSP) that connects directly to the central infrastructure of Faster Payments with a 24/7 real-time gateway.

Directly-connected settling participants are required to have a reserve account for settlement at the Bank of England to settle their own transactions at each settlement cycle.

The advantage of becoming a directly-connected settling participant of Faster Payments is the ability to transact in real-time 24/7.

To find out more about the benefits and requirement to become a directly-connected settling participant of Faster Payments download our PayPort for directly-connected settling participants factsheet or visit the Faster Payments Scheme website.

PayPort by Vocalink is the Faster Payments managed service gateway accredited for directly-connected settling participants and directly-connected non-settling participants. 

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