BlueSnap granted EU payment institution license by FCA
Global payment gateway BlueSnap, one of the leading international payment solutions providers for the card-not-present marketplace, announced today that it has been granted a license by the UK Financial Conduct Authority (FCA) as a Payment Institution under the Payment Services Directive.
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The PSD provides for licensing of payment institutions and requirements regarding payment services.
The PSD is an EU-wide regulation aiding the payments industry in facilitating transactions across Europe more efficiently and with more transparency, providing for sufficient government oversight for the protection of consumers. The license is only granted to organizations that satisfy stringent requirements set forth by the FCA and which comply with a wide set of rules and obligations to ensure quality and stability of the international payment sector. The receipt of this PI license is validation to BlueSnap as a trusted payment partner for European merchants.
The aim of the PSD Directive is to insure the user-friendliness, safety and efficiency of transactions through the EU/EEA - in particular credit transfers, direct debit mandates, card payments and money transfers. The PSD introduces and harmonizes rules concerning the providers of payment services.
The license authorizes BlueSnap as a "payment institution" under the FCA. With this license BlueSnap can clearly establish its place as one of the world's most trustworthy global payment gateways.
"We are thrilled to be awarded a payment institution license at this important time in global processing," says Ralph Dangelmaier, CEO of BlueSnap. "Not only does it confirm our high operational standards but it also solidifies our global position as a leading gateway for the international community. Our merchants will have the additional protection and confidence of an official EU license that you won't receive with many U.S.-based solutions providers."