FPSPOO Payments

Describing the details and requirements for FPSPOO (Faster Payments - Payments Originated Overseas)

Faster Payments Payments Originated Overseas (FPSPOO) refers to an extension of the UK's Faster Payments system, which is designed to allow overseas-originating payments to be processed through the Faster Payments infrastructure. This type of payment involves sending funds to the UK, where the original transaction occurs outside the UK but the payment is processed through Faster Payments.

Payments Originating Overseas (POO) in Faster Payments scheme (FPS) A Payment Originating Overseas (POO) is a payment originally drawn on an account held outside the UK and a transaction which is believed to be subject to the Money Laundering and Terrorist Financing and Transfer of Funds Regulations 2017. Within the FPS scheme, the location of the payment service provider is based on the location of the account of the Ultimate Remitter. If the Ultimate Remitter account is outside of the UK (For example the EEA or the Americas), the payment would be classified as a POO and must be treated accordingly in line with FPS principles. All FPS payments (including POO) can only be sent to an Ultimate Beneficiary account deemed within the UK.

In determing the location of an account, the following will be relevant:

• The jurisdiction where the institution providing the account is licensed;

• The physical location of the institution providing the accounts;

• The governing law of the terms of the account with its client.

When defining the location of the accounts which you offer we recommend that you obtain your own legal advice. If there is a variance in either: the jurisdiction in which you are incorporated and regulated or the location of the accounts your business offers please contact your Relationship Team to discuss.

When sending a POO through FPS you must include:

• Ultimate remitter’s:

  • Full legal name;

  • Town name or address;

  • Country.

• Organisation Identification:

  • BIC. Must be owned by the institution which provides the account to the Ultimate remitter and must be a non-GB BIC;

  • Ultimate remitter’s account number. Can be IBAN or in another format.

Product document below

Enhancing the specification and validation for processing payments originating overseas is crucial for standardising transaction data, reducing errors, and ensuring compliance with Faster Payments Scheme (FPS) regulations.

The improved specification is vital to support current and future customers in mapping their payment messages to comply with wire transfer regulations while providing data that can be accurately converted to the FPS ISO 8583 payment message format, clearly identifying the payments as originating overseas.

Below is the flow which determines whether our client is a candidate of a potential Payments Originating Oversees payment.