Which UK Payment Schemes are available to non-bank payment service providers (PSP)?

In summary, non-bank Payment Service Providers (<a href="/glossarycollection/payment-service-provider" style="color:#48277C;" target="_blank" title="Payment Service Provider">PSP</a>) could use one or more of the following schemes: 

∙ CHAPS – the UK’s same day payment system used for wholesale and time-sensitive retail payments. 

∙ Faster Payments (FPS) – provides real time payments 24/7 and is used for standing orders, single immediate payments, forward dated payments, return payments, such as for internet and telephone banking payments as well as mobile payments (e.g. through Paym). 

∙ Bacs – the ‘automated clearing house’, which processes Direct Debits and Bacs Direct Credits across a three working day cycle. 

∙ Image Clearing System – Cheque imaging is the process that enables images of cheques to be exchanged between banks and building societies, through the Image Clearing System, for clearing and payment. 

∙ LINK - facilitates end-users’ access to cash via the UK’s largest ATM network. 

∙ Paym - is the UK’s mobile payment service, offering a centralised mobile phone (and other proxies) to bank
account lookup service to participating Financial Institutions. 

© Pay.UK