Envoy Services, the UK-based payment technology and services provider, has become one of the first organisations in the European Economic Area (EEA) to be awarded Payment Institution (PI) status, under the EU Payment Services Directive (PSD).
Granted by the Financial Services Authority (FSA) on a contingent basis, pending legislation coming into force on the 1st November 2009, Payment Institution status will enhance the Envoy brand at a global level, facilitate future international expansion and add an additional level of comfort for merchants and their customers.
Payment Institution status has been created to allow organisations which are not credit institutions, such as banks or Electronic Money Institutions, to offer payment services on a pan European basis, under a single point of regulation in one European member state.
For Envoy Services, achieving Payment Institution status will accelerate the company's standing within the global e-payment arena. Already, many major companies use Envoy as their preferred provider of popular domestic payment and collection methods. This new status will not only help improve the company's position when engaging with new payment partners expanding, but will reassure merchants that they are dealing with a fully regulated and trusted organisation. From a practical point of few, PI status also means that Envoy can passport its license and engage with corporate and consumers in other Eurozone countries which will help expand the business significantly.
Philip McGriskin, chief executive officer, Envoy Services comments: "The face of global payments and collections is changing. Organisations are seeking faster, more reliable and more cost effective methods of transferring money around the world to support aggressive international business expansion programs, where maximising customer acquisition whilst minimising customer churn is essential. In an ever complex and competitive market, merchants need the reassurance that they are working with a trusted organisation which is fully regulated and adheres to high level codes of conduct. Being one of the first companies in the EEA to be awarded PI status really puts Envoy at the top of its game, ensurinnuring that our customers are offered the highest possible levels of service with the lowest possible risk. "
Thaer Sabri, managing director, Flawless Money, the independent payment specialist adds: "The PSD is set to shake up the European payments landscape and provide greater protection for all who operate within it. The introduction of Payment Institutions extends the regulatory franchise beyond the traditional finance houses such as banks to the growing number of non-credit institutions like Envoy Services who are already successfully operating in this space. Extending the regulatory arm across disciplines and geographic boundaries in this way will ensure greater consistencies of service levels and ultimately raise the reputation of the payments industry as a whole."