PART 5Regulation of payment systems
“Payment system” etc
I142Participants in payment systems etc
1
This section applies for the purposes of this Part.
2
The following persons are “participants” in a payment system—
a
the operator of the payment system (see subsection (3));
b
any infrastructure provider (see subsection (4));
c
any payment service provider (see subsection (5)).
(But see also subsection (8).)
3
“Operator”, in relation to a payment system, means any person with responsibility under the system for managing or operating it; and any reference to the operation of a payment system includes a reference to its management.
4
“Infrastructure provider”, in relation to a payment system, means any person who provides or controls any part of the infrastructure used for the purposes of operating the payment system.
5
“Payment service provider”, in relation to a payment system, means any person who provides services to persons who are not participants in the system for the purposes of enabling the transfer of funds using the payment system.
6
A payment service provider has “direct access” to a payment system if the payment service provider is able to provide services for the purposes of enabling the transfer of funds using the payment system as a result of arrangements made between the payment service provider and the operator of the payment system.
7
Any reference to participation in a payment system is to be read in accordance with this section, and in particular—
a
in the case of an operator of a payment system, includes a reference to developing the system, and
b
in the case of a payment service provider with direct access to a payment system, includes a reference to entering into an agreement with a person to enable the person to become a payment service provider in relation to the system.
8
The Bank of England is not to be regarded as a participant of any kind in any payment system.