ISO 20022 for banks and non-bank PSPs
We discuss how migration to ISO 20022 has a number of significant implications for all participants across the payments industry.
Payment solutions - Financial institutions and FinTechs
Combining leading technology with deep experience serving the needs of financial institutions, we provide the scale and flexibility to make managing payments simpler, faster and more transparent for you and your customers.
Flexible, innovative payments solutions
Barclays is the trusted payments partner of Banks, Broker Dealers and Fintechs across the world.
We provide direct and indirect access to all UK payment schemes. With flexible tariff schemes and leading-edge technology, we can help you execute, track and report on all your clearing and payments activity in the way that best suits your business – today and in the future.
As a direct participant of payment forums and industry groups, we take a leading role in industry discussions. This allows us to help shape regulatory or technological change – and swiftly implement such changes into our own solutions.
Clearing solutions
Focusing on the specific needs of financial institutions and Fintechs, we provide straight-through processing for 99% of payments. Our highly automated, yet flexible payment architecture can also support complex payment scenarios.
Why choose Barclays
- Access to direct connectivity to all payment schemes in the UK and our global RMA network
- Advanced routing capabilities to select the most efficient and cost-effective route
- Transparent, flexible and customisable tariff structure built to meet your business needs
- Intelligent auto-repair solution supported by robotics technology that improves our straight-through processing rate and reduces payment friction throughout the payment chain
- Online access to all information on your payments through Barclays iPortal, including SWIFT gpi track & trace and final confirmation of payment
- Implementation, servicing and product specialists dedicated to financial institutions and Fintechs that speak your language.
What we offer:
-
- Direct access to all UK payment systems (CHAPS, Faster Payments Service, and cheque & cash)
- Access and liquidity to ensure payments clear quickly and efficiently
- Meet the needs of your own clients with flexible charging and billing options, competitive cut-off times and comprehensive balance and transaction reporting options
- Supported by industry-focused and dedicated relationship management and client services teams.
If you make a payment to, or receive a payment from, a financial institution that holds accounts with Barclays Bank PLC or any other Barclays Bank PLC accountholder we may process that payment internally within Barclays, rather than using a payment scheme. In that case, the payment will not benefit from the protections of the UK’s settlement finality regime. This includes payments that would otherwise be made or received through the CHAPS scheme.
-
- Make a payment in over 120 currencies from an account of your choice in the UK or set up accounts in over 40 currencies to support your payables and receivables
- Extensive global network of selected correspondent banks and RMAs providing to reach over 2,000 beneficiary banks quickly and directly
- Flexible pricing, competitive cut-off times and robust payment operations to optimise the experience for you and your end-users.
-
- Exceptional reach to support financial institutions with settlement in following systems:
- Continuous Linked Settlement in GBP and EUR
- CREST (operated by Euroclear UK & Ireland) in GBP, EUR and USD
- LCH; LCH SwapAgent; LME Clear; ICE Clear Europe; NASDAQ OMX; Eurex; European Commodity Clearing
- Lloyds’ & LIPS.
- Exceptional reach to support financial institutions with settlement in following systems:
Indirect access solutions
Indirect access enables financial institutions and Fintechs to use UK payment and clearing schemes at lower cost and with fewer operational needs than direct access.
Our indirect and agency payment solutions allow you to give your customers access to all major payment schemes as a seamless, fully integrated part of your business.
What we offer
-
We support payment service providers (PSPs) seeking to provide their own customers with services to transfer funds within the UK by providing PSPs with indirect access to the UK payment schemes. Barclays has subscribed to the ‘Voluntary Code of Conduct for Indirect Access Providers1’ since 2015.
1. Agency bank access
- Provides all the advantages of direct access without the high costs and operational requirements
- Receive your own sort code with the option to provide your customers with their own unique account number on that sort code
- Get access to all UK clearing systems (see table below) so you can appear as a UK clearing bank in your own right
- Eligibility
- You must be a payment services provider as laid out in the Payment Services Regulations 2017
- Further eligibility criteria will include assessments for anti-money laundering, credit risk, procedural capability for scheme compliance and technical capability.
- Further eligibility details are available on the criteria for indirect access PDF† .
Which UK payment systems can you access?
Agency Banks2 Deposit - taking institutions
Agency Banks2 Electronic money institutions
Agency Banks2 Authorised payment institutions
Non-agency All3
Faster payments
Yes
Yes
Yes
Yes
Submission of FPS by Agency Bank’s Corporates
Yes
No
No
No
CHAPS
Yes
Yes
Yes
Yes
Bacs
Yes
Yes
Yes
Yes
Submission of Bacs by Agency Bank’s Corporates
Yes
No
No
No
Cheque Image Clearing
Yes
Yes
Yes
Yes
1The Voluntary Code of Conduct for Indirect Access Providers PDF†^
2Access to payments via a sort code in the name of the Agency Bank
3Access to payments via a Barclays account
We tailor our services and pricing to your individual requirements. The types of service we offer are shown on the 'types of service' PDF†If you make a payment to, or receive a payment from, a financial institution that holds accounts with Barclays Bank PLC or any other Barclays Bank PLC accountholder we may process that payment internally within Barclays, rather than using a payment scheme. In that case, the payment will not benefit from the protections of the UK’s settlement finality regime. This includes payments that would otherwise be made or received through the CHAPS scheme.
2. Non-agency bank access
Allows you to make and receive a variety of payments including Bacs, CHAPS and Faster Payments Service via Barclays.
- Receive a settlement account in our books
- Typically identify your underlying beneficiary customer for payments by the reference in the payment instruction
- Eligibility will depend upon the precise services you require but will include assessments for anti-money laundering and credit risk
- Further eligibility details are available on the criteria for indirect access PDF†.
Find related solutions and insights
insights
Financial Institutions Forum
Listen back to our Financial Institutions Forum webinar series.
Industry expertise
FinTech
Get support and expertise from Barclays Corporate industry specialists across the FinTech sector.