Payoneer wins nod to become UK E-Money Institution
US-based payments company Payoneer has just obtained authorisation with the British financial regulator (FCA) as an Authorised Electronic Money Institution (EMI).
Becoming a fully regulated e-money provider moves Payoneer’s business into a new field, allowing the company to improve and extend services to customers. The new FCA status as an Authorised Electronic Money Institution enables the company to issue electronic money and to carry out various related payments services.
Specifically, the nod of approval allows Payoneer to fully operate in the UK and offer a one-stop payment solution for businesses — providing e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.
James Allum, CEO of Payoneer Payment Services UK Ltd and SVP Europe of Payoneer, commented: “The FCA traditionally sets the tone of financial regulation globally and therefore we are extremely proud to be receiving our e-money license in the UK. We’re excited to be able to continue serving our customers in the UK and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”
The FCA’s approval follows closely on the heels of Payoneer’s registration as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS). Further, the New York City-based company already holds licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India.
Founded in 2005, Payoneer started as a prepaid card company that provides online cross-border payment services, but later it recognized a broader set of trends that were shaping the B2B payment needs.
Today, the firm enables millions of businesses and professionals to reach new audiences by facilitating cross-border payments with an array of flexible payment methods, including local bank transfers, in-network payments, as well as a wide number of added services, like risk monitoring, regulatory compliance, and tax form automation.
As per the FCA license details, the updated status allows Payoneer to enable cash placement and withdrawals, execution of both secured and unsecured payment transactions, issuing payment instruments or acquiring payment transactions, money remittance and execution of payment transactions via telecoms, IT systems or network operators.