CreDec has become the first Financial Conduct Authority (FCA) – regulated Authorised Payment Institution to join the UK Faster Payments Scheme as a full member settling in central bank money. Direct access allows CreDec to process payments without going through a commercial bank.
CreDec access to the UK RTGS payment system results from the introduction of a new access regime earlier this year by the Bank of England, working with the FCA, HM Treasury, HM Revenue & Customs, the Payment Systems Regulator and the payment system operators.
CreDec’s business model eliminates customer and wider systemic payment credit risk delivering both the competition and risk-reduction goals for the UK monetary authorities non-bank PSP access policy set out by Bank of England Governor, Mark Carney, in July 2014.
Alex Meynell, Chief Executive of CreDec said:
“CreDec is committed to innovation in UK payments and we are pleased to be able to make good on the Bank’s policy aims to contribute to systemic risk reduction.”