incremental revenues would reduce the running process, and allowing a more uniform technology costs of the schemes, and therefore the overall costs gateway whereby a technology provider who sits for the small number of big banks who currently between the scheme and the member is certified, split the cost between themselves to support these would allow new entrants to access the system at a payment schemes. Regulators, banks and FinTech lower cost. It would also allow them to put the tools providers need to recognise that by expanding in place to link up to the system, without requiring an access to a wider group of PSP providers, all integration from scratch each time. participants benefit, including the founding members who set-up the original infrastructure. Faster Payments is leading the way to certify technology partners in line with this approach. 2. Cost of granting Although this will lower the price, the implementation direct access cost of circa £500,000 will likely only be viable for the larger, more financially capable PSPs. The move In the past, setting up access to infrastructure such is undoubtedly a step in the right direction, though as Faster Payments, cost millions of pounds. The more still needs to done to standardise this process reason the cost was so high? Every time a new in order to further reduce cost and give more FinTech bank sought to join Faster Payments, a bespoke businesses the opportunity to drive and control their integration project was required, including a robust own technology. testing and certification process to sync the bank up to the network. As these integrations were set Implementation cost of circa up to process what could be billions in transaction value, no one would dispute the effort and cost to ensure these were done at the highest quality level £500,000 possible. However, repeating this work each time was costly and inefficient. When APS joined MasterCard, it was a costly exercise (but well worth it). It then opened the doors Proposed solution: Standardising the set up for other PSPs to do the same and at a lower cost. Payment infrastructure: a call for fair and equal access for FinTech | 7