How long does it take for a non-bank PSP to be onboarded to a payment scheme?

There are a number of constraints on the speed with which a non-bank Payment Service Provider (<a href="/glossarycollection/payment-service-provider" style="color:#48277C;" target="_blank" title="Payment Service Provider">PSP</a>) can be on-boarded to a payment scheme. This includes the availability of on-boarding slots at the Bank, and the Financial Conduct Authority (<a href="/glossarycollection/financial-conduct-authority" style="color:#48277C;" target="_blank" title="Financial Conduct Authority">FCA</a>) resourcing for taking the non-bank PSPs through the supervisory assessment. 

It generally takes around 12 months from submission of a ‘Letter of Intent’ from a non-bank PSP to go-live. Precise timelines are dependent on the non-bank PSP’s technical readiness at the point of application, the availability of on-boarding slots, and how long the non-bank PSP takes to complete any actions arising from the FCA's supervisory assessment. 

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