Ranging from news articles to recent CEO interviews.
Payscout Inc. has announced the opening of its new Malta office with Mike Norton named Managing Director. Payscout recently received preliminary approval of their Payment Institution (PI) license which will allow them to operate as a payment facilitator in the European Union.
(Los Angeles, CA) December 14, 2016 – Payscout Inc., a leading global payment processing provider, has announced its newest office location in Malta, expected to open in the coming weeks. The announcement comes after Payscout received preliminary approval for its Payment Institution (PI) License, allowing the company to function as a Payment Facilitator in the EU. Payscout adds Malta to its other five office locations, including California, Georgia, New Jersey, Brazil, and China.
The PI license is an authorization required by all payment providers to allow businesses and consumers to make payments safely and efficiently. It was aimed to remove legal barriers to the provision of payment services in the EU. (1) Per the European Payment Institutions Federation, the PI license was put into place for 5 main objectives:
The license enables payment providers to, among other things, execute transactions as well as issue and acquire payment instruments.
Achieve a single payment market in the EU;
Provide the regulatory framework for a single payment market;
Create a level playing field and enhancing competition;
Ensure consistent consumer protection and improving transparency; and
Create the potential for more efficiency of EU payment systems.
Payscout CEO Cleveland Brown said, “Securing our PI license is the next step for Payscout to serve budding entrepreneurs and consumers in the EU. We are excited to have obtained preliminary approval, which will enable Payscout to continue its global expansion, and help emerging business owners achieve the entrepreneurial dream one transaction at a time.”
Mike Norton has been hired as Managing Director of Payscout’s soon-to-open Malta office, and will also oversee the company’s Go Global Now initiative, including an aggressive European expansion. Norton brings over 20 years of experience in the payments industry and has led both systems integration projects and client migration projects for large multinational businesses and systems solution companies across Europe. His experience in merchant acquiring covers all card types, including credit/debit, alternative payment
Norton, who also has experience in business strategy, adds, “When a company like Payscout establishes a meaningful presence in a European business hub such as Malta, they know the impact will be more than just opening an office and hiring employees. Payscout is known for engaging with the people around them and finding ways to serve and enhance the community.”
Payscout’s ongoing global expansion has empowered entrepreneurs across the world. Payscout enables these businesses to expand by providing them with payment processing solutions needed to take their
“With our new PI license, Mike’s experience and Payscout’s commitment to cultural and social empathy, we are confident the new European extension of our Payscout family will succeed in assisting many entrepreneurs and social causes across the EU,” concludes Brown.