definition for: #agencybanking

Agency Banks Payment Service Providers that are provided with their own sort codes who are able to allocate their own individual customers with a unique account number within that sort code. The sort code is used to uniquely identify the PSP within each of the Payment Systems in its own right in the same way as a clearing bank. This enables each customer’s account to be uniquely identified in payment instructions which is essential for payment methods such as Direct Debit and for ease of regulatory compliance checking.