Faster Payments

What we offer for Faster Payments

Form3 enables you to send and receive UK Faster Payments in real time using the scheme connection model that best fits your needs: Direct Settling Participant, Direct Non-Settling Participant or Indirect Participant.

  • Send and receive payments up to the full value of the Faster Payments scheme, currently £250k.
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  • Faster Payments enables you to send transactions to virtually all sort codes that are used for consumer and business payments in the UK.
  • Hands-on testing and simplified IT development using our sandbox and simulator environment. This environment will continue to be available post live for any future regression/change testing.
  • Form3 ensures high-quality support and backwards compatibility, making you independent of the scheme messaging and insulating you from technical changes in the scheme.

Please note that you must hold a banking or payments licence, such as Credit Institution, Authorised Payment Institution (API) or E-money licence, valid in the UK to access these services.

Direct Settling Participant

As a Direct Settling Participant, you gain direct access to the Faster Payments scheme with settlement via a Bank of England account.

The Form3 JSON-based API gives you full access to all fields and options of Faster Payments, including the ability to send Single Immediate Payments, Forward Dated Payments, Standing Orders and Return Payments. Inward Faster Payments are received via a webhook or Amazon SQS link.

Form3 provides acceptance of Faster Payments transactions and advice on inward credit in real time. Form3 can continue to accept payments even during outages, ensuring continuous scheme availability and avoiding the loss of transactions.
The account validation makes sure only transactions for valid accounts reach you and automatically rejects/returns payments to non-existent accounts.

Form3 is a fully managed payment system and able to take full ownership and management of Faster Payments incidents. Using our standardised solution simplifies the scheme assurance and audit process for you and can significantly shorten your time to go live.

Indirect Participant

As an Indirect Participant, you gain access to the Faster Payments scheme through a third-party sponsor bank.

The Form3 JSON-based API gives you full access to all fields and options of Faster Payments, including the ability to send Single Immediate Payments, Forward Dated Payments, Standing Orders and Return Payments. Inward Faster Payments are received via a webhook or Amazon SQS link.

This is the service for you if you don’t have a Bank of England account, require short onboarding times, and don’t need direct scheme access.

Direct Non-Settling Participant

As a Direct Non-Settling Participant, you gain access to the Faster Payments scheme with a sponsor bank providing settlement at the Bank of England on your behalf.

You gain access to the entire range of functionality of the Direct Settling Participant service, but your sponsor is responsible for the provision of settlement services and availability of liquidity for your transactions.

This is the perfect solution if you are looking for the experience of Direct Settling Participant such as immediate real-time transaction and message flow without having your own Bank of England account.

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