New Bank – Payment System Access
- Posted on: 5 June 2018
Our client is a prospective new bank that we advised through the FCA authorisation process. They decided they wanted to gain direct access to Faster Payments, but were not clear as to how to go about it and what the challenges might be. Importantly, the Bank’s strategy includes providing payment systems access to Payment Service Providers, making it high risk from an FCR perspective.
Compliancy Services provided strategic level advice regarding payment systems access and liaison and assisted with the non-IT elements of managing the FPS onboarding process, and related discussions with the BoE. The Bank has passed stringent FPS testing requirements and progressed towards full authorisation.