27 August 2016
Find out more

Voice Commerce wins Payment Institution license from the FSA

11 November 2009  |  9780 views  |  0 EU keyboard

Voice Commerce, the UK-based biometric payment verification group established by former RBS WorldPay founder Nick Ogden, has received authorisation from the Financial Services Authority to establish as a Payment Institution under the European Payment Services Directive (PSD).

The license means Voice Commerce will be regulated in exactly the same way as banks in relation to their capital adequacy and regulatory responsibilities for payment services, and can begin processing payment transactions across Europe on an equal footing. Under the new regime, Voice Commerce will also be able to apply for Visa and MasterCard card scheme membership and start providing its own branded payment services including issuing cards to businesses and consumers and acquiring payment transactions.

The green light from the FSA follows news that Voice Commerce CEO Ogden is in talks with three private equity groups about buying back the WorldPay franchise from RBS, which is being forced to dispose of the asset as a consequence of state-backed bail out support.

Ogden says Voice Commerce applied for authorisation to the FSA back in July 2009, and has invested heavily in people and technology in readiness for approval. As a fully authorised Payment Institution, Voice Commerce can verify to merchants that they meet these standards to the FSA's satisfaction and can be regarded as an alternative option for payment services.

Says Ogden: "This also means that we have all the financial regulatory aspects resolved in Europe for our proposed purchase of RBS WorldPay. We can now look to leverage this opportunity to grow the business throughout Europe and bring new creativity and development to the industry through the introduction of our innovative payment services. The FSA and the Jersey Financial Regulators have been extremely helpful throughout the whole process and we are now poised to capture and exploit opportunities in the mobile and online world."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

WorldPay founder moves to buy business back from RBS

WorldPay founder moves to buy business back from RBS

06 November 2009  |  13141 views  |  2 comments
UK Government moves to enact EU Payment Services Directive

UK Government moves to enact EU Payment Services Directive

11 February 2009  |  7619 views  |  0 comments
Voice Commerce launches biometric payments system for TV advertisers

Voice Commerce launches biometric payments system for TV advertisers

15 December 2008  |  8850 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit equens.comVisit www.abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
9120 views 0 | 56 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7549 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7289 views 11 | 24 tweets | 9 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6476 views comments | 17 tweets | 20 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
5846 views comments | 14 tweets | 14 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job