AMSTERDAM | Payvision, one of the leading international payment solutions providers for the card-not-present marketplace, announced today that it has been granted a license as Payment Institution under the Payment Services Directive (PSD).
The PSD provides a system of licenses for payment institutions (i.e. those organizations providing payment services which are not banks, such as payment service providers (PSPs), sets down information requirements regarding payment services as well as lists rights and obligations of both PSPs and users.
THE PSD is an EU regulation to aide the industry in facilitating transactions across Europe more efficiently and with more transparency. The PSD license is only awarded to organizations that comply with a wide set of rules and obligations to ensure quality and stability of the international payment sector. The receipt of this special license is testament to Payvision’s superior qualifications.
The PSD license provides Payvision with a "payment institution" status officially issued by the Dutch Central Bank. With this PSD license Payvision has the opportunity to move more freely across Europe and clearly establishes its place as one of the world’s most trustworthy global payment processors.
"We are thrilled to be awarded a PSD license at this important time in global processing," says Rudolf Booker, CEO of Payvision. "Not only does it confirm our high operational standards but it also solidifies our global position as a leading processor 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."
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.