Payscout Inc., a leading global payment processing provider is now a licensed Financial Institution (FI) in the European Union (EU).
The licensed, authorized status was granted by the Malta Financial Services Authority according to the terms of the Financial Institutions Act.
Payscout CEO Cleveland Brown said, “Obtaining our FI license enables us to serve entrepreneurs and consumers in the EU, continue our global expansion, and help emerging business owners achieve the entrepreneurial dream one transaction at a time.”
The FI license authorizes Payscout to execute payment transactions, transfers of funds, direct debits, credit transfers, remittances, and the issuing and/or acquiring of payment instruments, among other activities. It also means the global payment processing provider is approved for services enabling cash to be placed on a payment account, as well as all the operations required for operating a payment account.
Because the license was granted in an EU-member state, Payscout’s FI solutions are passportable across the entire European Economic Area (EEA): Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
“Being a licensed Financial Institution in the EU means Payscout’s ongoing global expansion will continue to empower entrepreneurs across the world,” said Payscout EU Managing Director, Mike Norton, who oversees the company’s European expansion and Go Global Now initiative.
“Payscout supports the entrepreneurial dream by providing entrepreneurs with payment processing solutions that can take ecommerce businesses across local borders,” said Norton, “and our FI license allows us to do exactly that.”