PayPort for Direct Agencies

Factsheet

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.

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PayPort for Direct Agencies

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