Transactive Systems, the international instant payments provider has been authorised by the Financial Conduct Authority as an Electronic Money Institution to issue e-money and provide payment services in the UK and across the EU.
Transactive has an existing and separate e-money license with the central bank of the Republic of Lithuania, the Bank of Lithuania.
The authorisation demonstrates that Transactive Systems’ e-money operations have safeguards in-line with other regulated financial institutions including the complete segregation of client funds, where customer balances are kept in separate bank accounts. Transactive Systems’ sponsor for the Faster Payment Service is clearing bank, ClearBank.
Noyan Nihat, Chief Executive of Transactive Systems, said: “Businesses have been crying out for faster, simpler and better value payment options. The old banks’ monopoly on payment services has been broken, and we are delighted to have worked with the UK’s first new clearing bank in 250 years, ClearBank to make this possible in the UK.”
Transactive Systems provides international instant payments. Businesses using Transactive Systems can send and receive payments across the EU in seconds and at a fraction of the cost of traditional banking services.
Transactive Systems offers UK Faster Payments, SEPA Credit and Debit Transfer Payments, SEPA Instant, Virtual Bank Accounts and Direct Debits. Transactive Systems is designed for businesses serving payroll, operating in the gig economy, online lending, affiliate marketing and other financial technology businesses requiring fast, simple and straightforward payments. Transactive Systems provides an open API, meaning that payments functionality can be easily added to a third-party service.