Source: Paylane
PayLane is officially a Payment Institution. It has been unanimously announced by the Polish Financial Supervision Authority, which is according the Payment Services Directive a competent authority of the host Member State.
Payment Institution - what is it?
Obtaining the status of a Payment Institution was possible due to the Payment Services Directive (PSD, 2007/64/EC), a regulatory initiative of the European Commission. The directive regulates payment services and payment providers throughout the European Union and European Economic Area. What is important, this directive increases the competition in the payment industry, making non-banks almost on a par with regular banks. It also harmonizes consumer protection.
Payment Institutions can receive deposits and make cash payments from a payment account, execute payment transactions, direct debits and credit transfers, and issue such payment instruments as credit cards.
What are the tangible benefits?
As a Payment Institution, PayLane can work across the whole SEPA (Single Euro Payments Area) region. It is yet another step in the direction of broadening the company's business area. PayLane does offer its services in Europe, but the status of a Payment Institution allows the company to widen the offer.
"PayLane is one of the few Polish companies to achieve the Payments Institutions license. This ensures our clients (online merchants) and those finalizing their purchases via PayLane that their money is well protected. According to Payment Services Directive we take care our procedures and customary practices are of the highest quality possible. Payment Institution status confirms safety of our services" says Karol Zielinski, managing director of PayLane.