Join the NPA
If you are considering joining the NPA and giving your customers a new and better way to pay, there are a number of different ways to connect.
Directly connected settling participants.
These participants are connected directly into the New Payment Architecture central infrastructure. They set their own transaction limits and perform their own settlement with the Bank of England. This is often the preferred option for organisations that handle a high volume of payments and are eligible to open a settlement account at the Bank of England.
Directly connected non-settling participants.
These participants are connected directly into the New Payment Architecture central infrastructure via a sponsoring participant that performs Bank of England settlement on the payment service provider’s (PSP) behalf. This is often the best option for organisations that are not eligible to open a settlement account at the Bank of England.
Indirect payment service provider.
This option enables a PSP to connect to the Faster Payment System via a sponsoring participant which manages the direct connection on its behalf. Sponsoring participants provide various options to send and receive Faster Payments, and also perform Bank of England settlement on the indirect PSP’s behalf. This option is beneficial for PSPs that find a direct connection is not commercially viable.
Who can join the NPA?
To find out if your institution is eligible, as well as the various joining options available, we invite you to contact our Business Development Team. Please get in touch at CBDO@wearepay.uk