PsiPay Ltd granted e-money license
4 November 2008
PsiPay Ltd, a wholly owned subsidiary of PSI Holdings Ltd became authorised and regulated as an electronic money (e-money) issuer by the UK Financial Services Authority (FSA) on 4 November 2008 (Firm FSA Reference Number 481195). This enables it to launch the recently acquired EcoCard Internet payment solution across Europe.
Under the EU’s e-money Directive of 2000, issuing e-money is a regulated activity. PsiPay Ltd is now a regulated financial institution, ensuring that it is required to:
- Implement and exercise strong and prudent financial and security controls,
- Put in place the financial crime preventative measures required by the Money Laundering Regulations of 2007,
- Hold sufficient, liquid, assets to redeem all e-money issued,
- Ensure that management are ‘fit and proper’ persons and are approved by the FSA,
- Make sure that all customers are treated fairly in any dealings that they have with the company,
All of these systems and controls guarantee that customers' and merchants' accounts and funds are properly protected and that PsiPay will be subject to regulatory audit and the continued supervision of the FSA.