Direct settlement with FCA-authorized Payment and Electronic Money Institutions.
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Who settles here
Three kinds of members settle through the United Kingdom corridor today.
FCA-authorized Payment and Electronic Money Institutions settling GBP directly, without a separate correspondent relationship.
Correspondent and challenger banks extending UK reach without opening a new branch or negotiating a new nostro relationship.
FCA cryptoasset-registered businesses settling between GBP and stablecoins on the same connection they use for UK payment rails.