Successful applicants should be aware that whilst there is no application fee payable, there are costs associated with accreditation should the application be successful. Accreditation costs include covering the administrative and operational costs of the Scheme. The total annual cost upon accreditation for each product will be £500 plus VAT. For those accredited during the calendar year, the accreditation fee will be pro-rated accordingly. With respect to any increase in cost, the Scheme will always provide 6 weeks' advance notice.
Applications are open to any business that offers or are looking to offer sort code validation products to the market offered through a subscription basis and / or 'pay per use' basis. Applicants must submit their completed application forms online where, once submitted, they will receive an acknowledgement receipt. Application outcomes will be advised within 20 working days of the acknowledgement receipt.