Bacs is due to go live with the model later this year in a move designed to open up access to the UK payments market.

It should benefit non-bank PSPs, such as authorised payment and e-money institutions, which may not otherwise have been able to meet the capital obligations required to join the payments schemes.

The firms can now gain direct access to a payments scheme without relying on a third party (usually a competitor) either to submit payments or settle payments on their behalf.

This is the second phase of the new access model; the first phase, which went live last March, allows non-bank PSPs to settle payments utilising their own funds.

Paul Horlock, CEO of Pay.UK, says: "We are committed to enabling the move towards a more open and efficient payments market that will benefit everyone, as well as supporting innovation whilst ensuring payments remain secure and dependable."