FCA has announced that BoE is extending access to settlement accounts in its real-time gross settlement (RTGS) system to non-bank payment service providers (NBPSPs). This will enable NBPSPs to have direct access to the UK’s sterling payment systems.
In the first instance an NBPSP applying for RTGS access will have their application reviewed by the payment schemes and BoE. They will then be referred to FCA and, if accepted for access to RTGS, the NBPSP will then be subject to on-going supervisory oversight from FCA.
It is hoped that these changes will promote innovation and competition in the payments sector.