First Data Merchant Solutions, First Data's direct-to-market payment acceptance business, today announced that it has become a UK Payment Institution after successfully achieving independent membership of the UK Financial Conduct Authority (FCA) as well as the MasterCard and Visa card schemes.
As a UK Payment Institution, First Data Merchant Solutions is now able to provide payment acceptance facilities independently and without sponsorship from a bank partner.
First Data Merchant Solutions is a cornerstone of First Data’s global growth and payments strategy. Established in the UK in 2002 the business was re-branded in 2011 to First Data Merchant Solutions, creating the organisations first ‘direct to market’ merchant acquiring business outside of North America.
Raj Sond, General Manager of First Data Merchant Solutions, commented: “Achieving UK Payment Institution status is great news for First Data Merchant Solutions and its clients. Not only does it lay the groundwork for further expansion in the retail payments space, it gives us greater agility as a business to bring new products to market, leverage our extensive industry relationships and work with an even broader range of merchants in the region.”