Which non-bank payment service providers are eligible for direct access to the payment schemes?

There are two types of non-bank Payment Service Providers (<a href="/glossarycollection/payment-service-provider" style="color:#48277C;" target="_blank" title="Payment Service Provider">PSP</a>) eligible for direct access: e-money institutions and payment institutions. 

E-money institutions are regulated by the Financial Conduct Authority (FCA); payment institutions are regulated by the FCA and also in some cases by HM Revenue and Customs (HMRC), for anti-money laundering purposes (depending on business model). 

Only authorised e-money and payment institutions are eligible to hold settlement accounts at the Bank.. This means that small e-money institutions and small payment institutions, that are registered only (as opposed to being authorised), cannot hold a settlement account at the Bank and consequently are not eligible for direct settlement access to the payment schemes. 

© Pay.UK