A radical change in the payment industry in Europe

The 2007 EU Payment Services Directive (2007/64/EC) implemented across Europe by national legislation in 2011 has radically changed the online payments industry.
 
Oct. 7, 2011 - PRLog -- The 2007 EU Payment Services Directive (2007/64/EC) implemented across Europe by national legislation in 2011 has radically changed the online payments industry.
Everyone who now wants to offer payment services in Europe must be licensed. Those who have operated unregulated for years must finally demonstrate that their operations meet the high standards the law demands, or else they can cease trading.
The EU Directive has 4 main objectives:
*   market confidence - maintaining confidence in the financial systems of member states
*   financial stability - contributing to the protection and enhancement of financial stability in the EU
*   consumer protection - securing the appropriate degree of protection for consumers; and
*   the reduction of financial crime - reducing the extent to which it is possible for a regulated business to be used for a purpose connected with financial crime.

To demonstrate proper management and operational control, and most importantly to protect merchant funds, a regulated Payment Institution must have:
•   significant capital
•   own funds and liquid assets available at any moment
•   experienced professional board directors approved as “Fit & Proper” by the regulators
•   independent audit
•   implemented banking industry KYC and AML (Know Your Customer and Anti Money Laundering) procedures.
•   resilient systems – for example an integrated redundant computer system – a perfectly secure Business Continuity Plan
•   certified high security standard - PCI-DSS Level 1

The era of aggressive marketing with sensationalist offers is obviously over.

Payment Institutions are becoming more professional and are functioning like reputable banks, raising industry standards and providing more security for merchants.

In such a modern industry, sadly, very few companies have kept up to date with changing regulations and rising standards.  Many work illegally.
This is often the case for American or Asian companies who are not aware of European regulations and also those European companies who do not have the proper management and procedures to obtain a license.

Paysite Cash, a European electronic payment specialist, is regulated like a bank

Paysite Cash is a division of NORDPAY FINANCIAL LTD, a group with representation all over Europe and offices in France, Estonia, Spain and the United Kingdom.
Paysite Cash has been present in the market since 2003 and offers a full range of payment solutions: payments with a bank card (dedicated and unbranded merchant accounts), by check, by transfer or debiting.
Our PCI DSS Level platform 1 processes transactions worth EU millions each month, making this company the European Specialist in Electronic Payments.
Since the payment services regulations came into force in 2011 Paysite Cash stands out as a Payment Institution authorized in 27 EU countries.
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Industry:E-commerce
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