Central Banking

Fourth non-bank gains BoE settlement account


The Bank of England has granted another non-bank payment services provider a settlement account, making it a direct participant of the UK’s faster payment system.

In a statement published on February 19, FairFX – a self-described e-banking and international payments group – was granted access through its subsidiary Spectrum Payment Services.

John Jefferson, general manager of Faster Payments, said the system now had 29 direct participants in total, including four non-banks, highlighting the

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