CreDec has become the first Authorised Payment Institution (API) to join the UK Faster Payments Scheme. We are now a full member settling in central bank money. The Financial Conduct Authority (FCA) regulates membership of the scheme. Direct access allows CreDec to process payments without going through a commercial bank.
CreDec access to the UK Real-Time Gross Settlement payment system (RTGS) results from the introduction of a new access regime earlier in 2018 by the Bank of England. The Bank worked 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. It delivers both the competition and risk-reduction goals for the UK monetary authorities non-bank Payment Service Provider (PSP) access policy. The Bank of England Governor, Mark Carney, set out the policy in July 2014
Alex Meynell, Chief Executive of CreDec said:
“We’re delighted to be the first API to join the UK Faster Payments scheme. 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.”