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POST The non-banks are in

You might remember that last year I wrote about giving non-banks access to the UK payment infrastructure.

There are plenty of non-bank players out there who want to have access to the infrastructure and the UK’s Emerging Payments Association recently presented a report to arguing that, under the appropriate licence conditions, non-banks should be allowed access to instant payments infrastructure through the use of a new kind of limited pre-funded settlement account at the Bank of England.

From Access | Consult Hyperion

Well, this is exactly what is going to happen.`

The widely-trailed move is expected to open up a competitive space which has long been the preserve of the UK's biggest incumbents, providing non-bank PSPs with direct access to the UK’s sterling payment systems that settle in central bank money, including Faster Payments, Bacs, Chaps, Link, Visa, and, once live, the new digital cheque imaging system.

From Bank of England comes good on promise to provide non-banks with dir...

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