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How can a non-bank payment service provider become a direct settling participant in a payment scheme?

In order to become a direct settling participant of a payment scheme, a non-bank Payment Service Provider (<a href="/glossarycollection/payment-service-provider" style="color:#48277C;" target="_blank" title="Payment Service Provider"><u>PSP</u></a>) must be authorised by the FCA to provide payment services, and meet the following core requirements:<br/><br/>

∙ the eligibility criteria as set by the relevant payment scheme;<br/><br/>

∙ the eligibility criteria for holding a settlement account at the Bank;<br/><br/>

∙ completion of a supervisory assessment by the FCA (and HMRC, where appropriate).<br/><br/>

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