Depending on the individual company and the nature of its business, there are various ways to participate in payments; each system has its own set of requirements.
In most cases, companies offering payments services access the payments system either directly or indirectly.
Under the direct access model, participants are responsible for all aspects of their relationships and connections with other participants. First they must meet the membership criteria of the relevant payment system and show they can comply with its technical, contractual and regulatory requirements. They also need to meet clearing and settlement obligations.
Indirect access involves entering into an agreement with an existing direct access participant, who then manages the broader connections and obligations on the company’s behalf.
AusPayNet can provide further detail on direct and indirect access to help companies decide which method best suits their business needs.